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.

The head of the Trade Promotion Organization of Iran (TPOI) said the country has established a SWIFT -like financial system to do business with a number of countries.

EghtesadOnline: Europe should look to bypass US payment systems by creating its own financial channels on the lines of a European monetary fund and international bank transfer system like SWIFT , Germany's foreign minister has said.

EghtesadOnline: Governor of the Central Bank of Iran says Iran and Russia have connected their financial messaging services to handle two-way banking transactions.

EghtesadOnline: As the interbank messaging system SWIFT prepares to formally announce the names of Iranian banks that will be disconnected from its platform, it is not clear how the outside world intends to maintain humanitarian trade with Iran.

EghtesadOnline: Governor of the central bank says if Iran is disconnected from the Belgium-based financial messaging service SWIFT (the Society for Worldwide Interbank Financial Telecommunications), alternative systems will be used to preserve ties with its trading partners.

EghtesadOnline: Sanctions on Iran’s banks, oil exports, ships and ports, lifted in 2015 as part of a nuclear weapons agreement that Trump abandoned in May, will be reimposed on Monday. But it is not clear whether those banks would be allowed to participate in the Society for Worldwide Interbank Financial Telecommunication, or Swift. That is the system that allows the world’s banks to communicate with one another, making global transactions possible.

EghtesadOnline: Senior US State Department officials working on the Iran issue are said to have convinced Secretary of State Mike Pompeo to permit Iran to remain connected to the international banking system as part of the Trump administrations' concessions to Iran.

EghtesadOnline: As President Donald Trump prepares to re-impose a second batch of sanctions on Iran that had been eased under the 2015 nuclear deal, conservative US lawmakers and outside advisers have become worried that the administration may break a promise to exert "maximum pressure" on Iran.

EghtesadOnline: US treasury secretary, Steven Mnuchin has announced that his agency is currently negotiating with the Society for Worldwide Interbank Financial Telecommunication ( SWIFT ), a global financial messaging service that connects more than 11,000 banks in more than 200 countries, on disconnecting Iran from the network.

EghtesadOnline: The Trump administration abandoned the Iran nuclear deal this year and is reimposing sanctions. The sanctions leave western companies and banks with a stark choice. If they do business with Iran, they lose access to the American market and financial system. Not surprisingly, businesses and banks have been cutting ties with Iran or shelving plans to invest there. But one important financial link to the country remains: the financial messaging service that plays a crucial role in moving money around the international banking system.

EghtesadOnline: As the reimpostion of the second round of US sanctions draw near, European finance ministers will try to persuade the Trump administration not to cut off Iran’s access to Swift, the global financial messaging service, in meetings with Steven Mnuchin, the US treasury secretary, at the IMF gathering in Bali this week.

EghtesadOnline: A group of US lawmakers have urged the US Treasury Department to cut off Iran from the Society for Worldwide Interbank Financial Telecommunication ( SWIFT ).

EghtesadOnline: T wo top American financial institutions would not commit to cutting Iranian access to international financial markets, a cornerstone of the new anti-Iran sanctions of US President Donald Trump's administration.

EghtesadOnline: Documents and computer files released by hackers provide a blueprint for how the U.S. National Security Agency likely used weaknesses in commercially available software to gain access to the global system for transferring money between banks, a review of the data showed.

EghtesadOnline: SWIFT , the global financial messaging system, on Tuesday disclosed new hacking attacks on its member banks as it pressured them to comply with security procedures instituted after February's high-profile $81 million heist at Bangladesh Bank.