Report: Banks of Russia, Iran to make settlements without SWIFT

MOSCOW, Sep 17 (PRIME) -- Iran and Russia have set connection between their national financial messaging systems to avoid the international interbank settlement system SWIFT, Mehr news agency reported citing the head of Iran’s central bank Abdolnasser Hemmati on Tuesday.

“Banking relations between Iran and Russia have been established without using global financial messaging system SWIFT through Russian financial messaging system and Iran's Electronic Financial Messaging System (SEPAM),” the official said.

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