Sep 14, 2019, 6:31 PM
Journalist ID: 2382
News Code: 83475187
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Iranian banks on way to join Russian SWIFT

Tehran, Sept 14, IRNA - Iran's Financial Electronic Messaging System is set to connect to Russia's Financial Messenger Network (SWIFT) with the aim of countering bank sanctions and SWIFT restrictions.

The US has restricted Iranian banks' access to Swift's financial messenger system with the aim of tightening sanctions on Iran, but Iran intends to establish alternative ways for Iranian banks to interact with the global financial system.

One way to increase international interactions with Iranian banks is to expand cooperation with banks in countries whose interactions with sanctions have been on the rise in the time of sanctions, with Russia as one of them.

Accordingly, the Iranian banking system will be connected to the Russian financial messenger network, known as Russian SWIFT.

According to the Central Bank's Monetary and Banking Research Institute, the Russian president's assistant has announced the connection of Iran's electronic financial messaging system to the Russian financial messaging network to eliminate the effects of sanctions on trade between the two countries and banking cooperation.

This happened while Swift's financial messaging system as a European interbank messenger should not have been pursuing the US sanctions, but given the Iranian banks' denial of access and restrictions, the government decided to create financial messengers for banking transactions and to take advantage of that, the central bank also put in place important measures to maintain foreign banking relationships, and a system was soon put in place to eliminate the effects of the swift boycott and the banking system's readiness.

Russia, in addition to being an important economic and political partner of Iran, has a significant value in foreign trade with Iran, which is why it is important for the parties to continue their economic cooperation and exchanges.

According to the restrictions imposed by US sanctions, an agreement was reached between the two sides to develop a system to replace SWIFT and Vladimir Putin's assistant Yuri Oshakov has given new explanations.

Speaking to reporters, Oshakov said Iran and Russia would adopt measures to expand direct payments and use of financial currencies, saying the two countries sought the cooperation between the Russian financial messaging system and the Iranian financial system as alternatives to remove the effects of sanctions.

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