Iran and Russia have connected their interbank communication and transfer systems to help boost trade and financial transactions, a senior Iranian official said on Monday, as both Tehran and Moscow are chafing under Western sanctions.
Since the 2018 reimposition of U.S. sanctions on Iran after Washington ditched Tehran's 2015 nuclear deal with world powers, the Islamic Republic has been disconnected from the Belgium-based SWIFT financial messaging service, which is a key international banking access point.
Similar limitations have been slapped on some Russian banks since Moscow's invasion of Ukraine last year.
