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Iran and Russia Shift Away from SWIFT for Interbank Transactions

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Iran and Russia have officially transitioned from the Western SWIFT financial clearing system to their own direct interbank transfer mechanism, as announced by Mohsen Karimi, Deputy Head of Iran’s Central Bank (CBI).

According to Karimi, speaking to the Iranian state television, this system enables companies in both countries to conduct trade using their national currencies, bypassing the need for the dollar or euro. This development was reported by the FARS news agency.

“We have connected the financial correspondence networks of the two countries,” Karimi stated, highlighting the new independence from Swiss intermediation for banking communication. “Commercial banks in both countries can now establish direct brokerage relations. An Iranian exporter can charge the Russian side in Rials and receive payments through Russian banks in Iran.”

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Karimi emphasized that the system also facilitates payments in Russian Rubles, marking a significant move in financial operations between Iran and Russia.

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