Dollar, SWIFT completely removed from Iran-Russia trade: CBI

Iran has completely removed the US dollar from its trade transactions with Russia, according to the country’s chief banker, amid growing economic cooperation between the two countries that are subject to Western sanctions.

News ID: ۲۰۰۰۳۰۰

12 November 2024

EghtesadOnline: Governor of the Central Bank of Iran (CBI) Mohammad Reza Farzin said on Monday that Iran and Russia had also set up financial settlement arrangements to avoid using the dollar-based SWIFT banking system.

“We have a monetary pact with Russia and don’t use the dollar in our ties,” Farzin told reporters after a ceremony to inaugurate the link-up between Iranian and Russian payment systems.

Both Iran and Russia are under a series of sanctions by the US and allies in the West which impose restrictions on access to international banking and financial services.

The two already use Iran’s Sepam financial messaging service to get around the SWIFT.

Linking payment systems in the two countries, which came on Monday, allows Iranian bank card holders to withdraw cash from automated teller machines in Russia.

Reports said a second stage of the project would involve the same access for Russian card holders in Iran and a third phase would enable Iranians to use point-of-sale machines in Russia for shopping and other services.

Farzin said that Iran is seeking to link its Shetab system to payment services in other countries.

“We have plans for other countries in this regard but it is not possible to identify those countries in the current circumstances,” said the CBI chief. / Mehr