Russian President Vladimir Putin and Iranian President Ibrahim Raisi
About 700 Russian banks and 106 non-Russian banks from 13 different countries will be connected to this system.
Iran and Russia have linked their interbank communications and transfer systems to increase trade and financial transactions. It is reported by Reuters.
Iran was cut off from the SWIFT financial messaging service in 2018 after Washington pulled out of the 2015 nuclear deal. Similar restrictions were placed on some Russian banks following Moscow’s invasion of Ukraine last year.
“Iranian banks no longer need to use SWIFT with Russian banks, which can be used to open letters of credit and transfers or guarantees,” Deputy Governor of the Central Bank of Iran Mohsen Karimi told the semi-official Fars news agency.
While Russia’s central bank declined to comment on the deal signed on Sunday, Karimi said “about 700 Russian banks and 106 non-Russian banks from 13 different countries will be connected to the system,” without specifying the names of the foreign banks.
Iranian central bank chief Mohammad Farzin hailed the move.
“The financial channel between Iran and the world is being restored,” he tweeted.
Earlier it was reported that Moscow and Tehran are trying to develop a trade route that will help them be less dependent on Western sanctions.
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