Iran-Russia banking union
Russia and Iran have come up with a new measure to circumvent sanctions for joint business efforts. Iran and Russia have connected their interbank communication and transfer systems. The measure is aimed at helping boost trade and financial transactions.
At the end of January, the creation of a direct communication channel between Russian and Iranian banks was realized through the synchronization of national financial messaging systems, which are the SPFS and SEPAM. The move would allow cross-border transactions without using the Western financial messaging system SWIFT.
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