Iran and Russia merged their banking systems after the West massively disconnected these countries from the SWIFT system. Now they use their own system to transmit interbank messages.
Reuters writes about it.
The unification of the system of interbank communications and transfers aims to increase trade and financial transactions between countries.
"Iranian banks no longer need to use SWIFT with Russian banks, which can be used for letters of credit, transfers or guarantees," noted the deputy governor of the Central Bank of Iran Mohsen Karimi.
According to him, approximately 700 Russian banks and 106 foreign banks from 13 countries will be connected to this system.
- Due to the large-scale invasion of Russian troops in Ukraine, sanctions were imposed on the Russian Federation, which provide for the disconnection of banks from SWIFT. VTB, Otkritie, Novykombank, Promsvyazbank, Rossiya, Sovkombank and VEB (Vnesheconombank), Sberbank, Rosselkhozbank and others fell under these sanctions.