Russia and Iran are planning to create their own system

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After the meeting of Vladimir Putin with Ayatollah Ali Khamenei and the President of Iran, Ebrahim Raisi, the diplomacy of the two countries began to deepen, as the Russian leader requested, the collaboration between Moscow and Tehran. One of the most ambitious plans is the creation of its own international payment system, intended to replace the Society for World Interbank Financial Telecommunications, SWIFT, informs Digi24.

The statements regarding the steps taken to find an alternative to the international system were made by the deputy foreign minister in Tehran in an interview with Ria Novosti. He spoke of the “deepening” of bilateral relations between Moscow and Tehran, in an attempt to create a new pole of power in the region and find alternatives to international transaction systems, to which the Kremlin no longer has access after the start of the war in Ukraine.

“Of course, two countries that want to remove the dollar from its transactions, must have a special system, similar to SWIFT. The two sides, Russian and Iranian, have already proposed such a variant to replace SWIFT”,

said the diplomat from Tehran.

He also added that the two sides “almost” reached a final agreement on the new payment system, which will be the basis for future transactions. The diplomat did not provide many details about how the Russian-Iranian alternative will work, but he pointed out that the parity system will be equivalent to the euro/dollar.

The new collaboration is yet another attempt by the two dictatorial regimes to support their own national currencies in the context of international isolation. Iran was disconnected from the SWIFT system back in 2012 at the request of the European Union, and even though some banks were reconnected in 2016, the economy of the Tehran regime is still suffering. The main banks in Russia were excluded from the Society after the adoption of the sixth package of sanctions.