Forward from: The Paradigm Shift Channel ⏳
🔹Iran 🇮🇷 and Russia 🇷🇺 merged their financial message transfer systems in January 2024, allowing their banks to make direct payments bypassing the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system, in another step towards de-dollarization. This direct interbank transfer mechanism allows companies in both countries to trade in their respective national currencies instead of using the US dollar or euro.
🔹The deputy head of the Central Bank of Iran, Mohsen Karimi said commercial banks of both countries can establish brokerage relations with each other and settle in Russian rubles or Iranian rials. Both Iran and Russia are subject to US sanctions, which have motivated the emerging allies to craft their own path in the global economy. Plans are in the works for a joint investment committees between the sovereign wealth funds of Russia and Iran.
🔹In June 2023, Iran’s🇮🇷 financial messaging system SEPAM was accepted by the Asian Clearing Union members as an internal financial messaging system. At that time it was revealed that all banks of Russia and over 100 banks in 13 other countries have been connected to Irans SEPAM. The Russian system for the transfer of financial messages, SPFS, has been linked with Iran’s SEPAM and the messages between the two systems are sent on the basis of the SWIFT standards.
🔹In December 2022, Russia’s 🇷🇺 2nd largest bank, VTB, launched a new service allowing both individuals & businesses to transfer money to & from Iran. At that time Russia & Iran were already working out mechanisms to implement oil 🛢 & gas swap deals as both countries were unifying their banking systems for trade in ruble/rial currency pair.
🔹The deputy head of the Central Bank of Iran, Mohsen Karimi said commercial banks of both countries can establish brokerage relations with each other and settle in Russian rubles or Iranian rials. Both Iran and Russia are subject to US sanctions, which have motivated the emerging allies to craft their own path in the global economy. Plans are in the works for a joint investment committees between the sovereign wealth funds of Russia and Iran.
🔹In June 2023, Iran’s🇮🇷 financial messaging system SEPAM was accepted by the Asian Clearing Union members as an internal financial messaging system. At that time it was revealed that all banks of Russia and over 100 banks in 13 other countries have been connected to Irans SEPAM. The Russian system for the transfer of financial messages, SPFS, has been linked with Iran’s SEPAM and the messages between the two systems are sent on the basis of the SWIFT standards.
🔹In December 2022, Russia’s 🇷🇺 2nd largest bank, VTB, launched a new service allowing both individuals & businesses to transfer money to & from Iran. At that time Russia & Iran were already working out mechanisms to implement oil 🛢 & gas swap deals as both countries were unifying their banking systems for trade in ruble/rial currency pair.