“Iran and Russia have connected their interbank communication and transfer systems to help boost trade and financial transactions, a senior Iranian official said on Monday, as both Tehran and Moscow are chafing under Western sanctions…

‘Iranian banks no longer need to use SWIFT … with Russian banks, which can be for the opening of Letters of Credit and transfers or warranties’ Deputy Governor of Iran’s Central Bank, 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 this system’, without elaborating on the names of the foreign banks.”

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