Iran (IMNA) - During a press briefing on Monday, CBI Governor Mohammad Reza Farzin revealed that Iran and Russia have established financial arrangements to bypass the dollar-based SWIFT banking system. “We have a monetary pact with Russia and don’t use the dollar in our ties,” Farzin stated, following the inauguration of a new link between Iranian and Russian payment systems.
Both countries are currently under various sanctions imposed by the United States and its allies, which restrict their access to international banking and financial services. To circumvent these limitations, Iran and Russia have been utilizing Iran’s Sepam financial messaging service as an alternative to SWIFT.
The recent connection of payment systems allows Iranian bank card holders to withdraw cash from ATMs in Russia. Future phases of this initiative are expected to enable Russian card holders to access similar services in Iran and allow Iranians to use point-of-sale machines in Russia for shopping and other transactions.
Farzin also indicated that Iran is aiming to connect its Shetab payment system with services in other countries, although he refrained from naming specific nations at this time due to the current geopolitical climate.
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