Russia and Iran announced that they would abandon SWIFT and conduct direct interbank transactions.
Mohsin Karimi, deputy governor for international affairs at the Central Bank of Iran, reportedly announced on January 9 that Russia and Iran had established a direct interbank communication and transfer system, thus achieving the goal of bypassing the Society for Worldwide Interbank Financial Communication (SWIFT) for direct transactions.
SWIFT has always played an important role as the main communication network for international financial transactions. However, Iran has been subject to SWIFT restrictions over the past few years due to US sanctions against Iran. Therefore, in order to bypass this restriction, Iran and Russia decided to create their own interbank communication system.
This move will bring great convenience to the ** and financial transactions between Russia and Iran. By moving away from SWIFT, banks on both sides will be able to conduct cross-border transactions more efficiently, while also avoiding the disruption of external sanctions.
In addition, Russia's move to abandon SWIFT has also had a certain impact on the international financial system. As one of the world's most important financial communication networks, SWIFT's position may be shaken to a certain extent. This has also raised concerns about the security and reliability of financial communication networks in some countries.
Although this move may cause some uncertainty and controversy, it is undoubtedly a big positive for both Russia and Iran. They will be able to conduct their ** and financial activities more autonomously, while also providing a viable alternative for other countries. Over time, we will also see the impact of this move on the international financial landscape.