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SWIFT system analog between Russia and Iran to start functioning in coming months

It is reported that Russia and Iran are strengthening trade and economic cooperation at present

MOSCOW, October 18. /TASS/. An analog of the SWIFT bank-to-bank information and payment system between Russia and Iran may start functioning in two-three months, Russian Trade Representative in Iran Rustam Zhiganshin said at the meeting with members of the Iran’s Chamber of Commerce and Industry.

"The decision to create an analog of the SWIFT system will be made at the meeting of the Russian-Iranian commission on trade and economic cooperation," Zhiganshin said, cited by the Tasnim News Agency. "If countries are able to reach the final agreement on this issue, the system will be able to start functioning as early as in two-three coming months," he added.

Russia and Iran are strengthening trade and economic cooperation at present. The bilateral trade turnover gained 44.9% year-on-year in January-July 2022 and amounted to $2.8 bln.

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