Russia and Iran have completely abandoned SWIFT

Now the banks of Russia and Iran have the opportunity to carry out transactions directly, as both countries have connected their financial message transmission systems. This was announced by Mohsen Karimi, Deputy Head of the Central Bank of Iran for International Affairs.

Karimi stressed that the connection of the message transmission systems means that the banks of Russia and Iran no longer need to use Switzerland as an intermediary for communication between each other. Commercial banks in both countries can now establish direct relationships. Exporters can issue invoices in rials (the Iranian national currency) and receive payment from Russian banks in Iran.

It also means that exporters from both countries can conduct transactions in their national currencies, which facilitates simpler and more efficient financial transactions between Russia and Iran.

Earlier, it was announced that Russia and Iran are going to create National Welfare Funds and joint investment committees for projects in various fields, including oil and gas, petrochemical, pharmaceutical and other industries.