Russia and Iran have connected their financial message transmission systems, so now their banks can carry out transactions directly, Mohsen Karimi, Deputy head of the Central Bank of Iran for International Affairs, told the media
  • SpacePirate
    241·
    11 months ago

    Two countries that can’t use SWIFT establish a transaction system no one else uses, that isn’t SWIFT. Got it.

    • nekandro
      103·
      11 months ago

      Somewhat relevant since they form 2 of the 10 BRICS countries and China is often pretty eager to jump onto non-US systems for obvious reasons.

      • RubberDuck@lemmy.world
        6·
        11 months ago

        Will be interesting to see if they trust eachother enough with the system. SWIFT is a large robust and proven system. Something new to the market could be engineered to favor one of the parties, this will be a test of trust as well as technology.

    • freagle@lemmygrad.ml
      4·
      11 months ago

      Two large economies under Western sanctions establish an alternative that serves as a basis for sanctions avoidance.