According to the deputy head of the Central Bank of Iran, Iran and Russia have officially transitioned from the SWIFT financial clearing system to a direct interbank transfer mechanism.
This new system allows companies in both countries to trade using their respective national currencies instead of relying on the dollar or euro.
By linking the financial correspondence networks of the two countries, the need for Switzerland as an intermediary has been eliminated, enabling the banks of Iran and Russia to establish direct brokerage relations.
This means that Iranian exporters can now charge Russian buyers in rials and receive payments through Russian banks in Iran. Additionally, the system also allows for payments in Russian rubles. This move comes as both Iran and Russia have faced Western sanctions, prompting them to seek alternative financial systems for their trade.
