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All news / Iranian-Russian banking system similar to SWIFT launched

  • 08 Feb 2023, 11:46

A spokesperson for the Central Bank of Iran (CBI) said that Iran and Russia have signed a memorandum of understanding to connect their banking messaging systems through which financial and banking exchanges will be facilitated. Information about the conclusion of the relevant agreements, as well as the start of messaging through the new system, was published by the IRNA news agency.Iranian-Russian banking system similar to SWIFT launched

“The Memorandum of Understanding on connectivity and financial messengers between Iran and Russia was signed today (Jan 29, ed.), and financial and banking exchanges between the two parties and 13 other countries that are present in the Russian market have been facilitated,” Mohsen Karimi, CBI Deputy Governor for International Affairs, said at a signing ceremony for a Memorandum of Understanding between Iran and Russia in Tehran.

“Over the past year, a joint action document between Iran and Russia has been signed by both sides, and this MoU was the first action that was implemented,” he also said, adding: “From now on, the financial messengers of all Iranian banks and all Russian banks are connected together".

“According to this Memorandum, all Iranian banks and all Russian banks can receive standard banking messages,” a CBI spokesman said, adding that “all Iranian banks abroad and all foreign banks connected to the Russian messaging system, which includes more than 100 banks in 13 foreign countries (in addition to Russia) can contact Iranian banks after the launch of the platform.”

Karimi said the messaging system is immune to sanctions because it is based on the two countries' domestic infrastructure.

“In the context of these two messengers, all standard banking messages can be exchanged, including money transfer, guarantee, letter of credit, etc., and given that the central banks of the two countries exchange and interact based on their own national infrastructures, this memorandum of understanding is irresistible and extra-sanctioned”.

Karimi further said that in the coming days, given the presence of the technical team of the Central Bank of Russia in Tehran, communications between all Iranian and Russian banks will be established through these messaging systems.

The representative of the Central Bank of Russia at the signing ceremony of the Memorandum, for his part, said: “The biggest advantage of this memorandum is that Western sanctions cannot affect it, and our financial institutions will be more widely associated with other financial institutions and organizations in Iran after signing of this memorandum.

“This MoU is related to financial messengers and money transmitters, which will greatly help the businessmen of the two countries,” the Russian official said.