Ukraine War
Iran and Russia have connected their interbank communication and transfer systems to help boost trade and financial transactions. The new banking deal comes as both Tehran and Moscow are reeling under Western sanctions. Russia’s central bank has declined to comment on the deal which was signed on Jan. 29. Iran’s Central Bank chief Mohammad Farzin welcomed the move, saying that the financial channel between Iran and the world is being repaired. The new banking deal will allow Iranian and Russian banks to exchange standard financial messages. A former US prosecutor has reportedly said that the two countries are trying to find ways in which they can help each other. Will the new banking system deal allow Russia and Iran to counter Western sanctions?
Credit CRUX