Russia and Iran are combining their banking systems to get around being banned from SWIFT

Mon, 01/30/2023 - 11:34

putin khamenei wide thumbnail — Russian President Vladimir Putin is pictured on the left while Iran's Ayatollah Ali Khamenei is pictured on the right.
Reuters/Getty

Russia and Iran are integrating their banking systems, several Iranian central bankers said on Monday.
Banks in both countries have been cut off from SWIFT, the critical payments messaging system.
Russia aims to use the new system to increase its trade with Iran to $10 billion a year, a recent report said.

Russia and Iran are integrating their banking systems in order to get around being banned from SWIFT, the critical communication system for global bank payments.