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Al Jazeera

Business

Maziar Motamedi

What’s behind Iran and Russia’s efforts to link banking systems?

Iran Russia United States Hamidreza Azizi Tehran Al Jazeera CBI Ebrahim Raisi Esfandyar Batmanghelidj Moscow

Russian President Vladimir Putin, left, speaks to his Iranian counterpart, Ebrahim Raisi, back to the camera, on the sideline of the summit of Caspian Sea littoral states in Ashgabat, Turkmenistan, on June 29, 2022 [File: Grigory Sysoyev/Sputnik/Kremlin/Pool Photo via AP]

Tehran, Iran – “The financial channel between Iran and the world is being restored,” the new governor of Iran’s central bank, Mohammadreza Farzin, said last week when he announced that Iran and Russia have taken a significant step towards linking their banking infrastructures amid Western sanctions.

Russia has yet to comment but, according to the Central Bank of Iran (CBI), after years of work, the two countries have managed to connect Iran’s SEPAM national financial messaging service to Russia’s Financial Messaging System of the Bank of Russia (SPFS).

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