Iran and Russia to connect interbank systems against sanctions

Tehran, Mar 25 (Prensa Latina) Iran on Friday announced the implementation of cooperation actions with Russia to connect its interbank messaging systems and bypass the SWIFT mechanism, in the face of Western sanctions, local media report.

March 25, 2022
08:10

Tehran and Moscow are discussing the recognition of Russia’s Mir payment system cards and the issue of connecting their banks to the System for Transfer of Financial Messages (SPFS), a diplomatic source stated, quoted by Hispantv.

The TV news station referred to the statements by Iran’s Ambassador to Russia Kazem Yalali, who confirmed the works to activate the SPFS, which is the Russian equivalent of the Society for Worldwide Interbank Financial Telecommunication, known as SWIFT.

The source added that the Russian city of Yekaterinburg could become a center to develop relations between Iran and Russia.

The implementation of this alternative financial messaging system will allow the two countries to trade and evade Western sanctions, the TV station stated.

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