Iran Press/Europe: The Society for Worldwide Interbank Financial Telecommunication, known as SWIFT, provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, and standardized environment.
According to Russian diplomat and senior aide to President Vladimir Putin, Yuri Ushakov, Tehran and Moscow are currently trying to develop "a standardized and reliable alternative to SWIFT", Iran Press reported.
The SWIFT Interbank Financial Telecommunication service has its headquarters in La Hulpe, Belgium, and following America's withdrawal from the landmark nuclear deal -- the Joint Comprehensive Plan of Action (JCPOA) -- SWIFT decided to boycott Iran and since May 2018, many Iranian banks have been cut off from the Interbank Financial Telecommunication service.
Iran already has an Interbank Financial Telecommunication (electronic messaging) service operating between Iranian banks, known as SEPAM, and according to Ushakov, Moscow and Tehran are currently trying to connect the Russian and Iranian Interbank Telecommunication systems so that there is no need for either country to rely on the Belgian-based SWIFT system, which usually takes its cues from Washington.
In further remarks, senior Kremlin aide Yuri Ushakov said both sides are determined to use their national currencies in trade between Tehran and Moscow, and that pretty soon a joint Iranian-Russian Interbank Telecommunication system will be introduced to bypass the US-controlled SWIFT system.
Commercial ties between Tehran and Moscow are growing and both Iran and Russia (along with China and the European signatories to the JCPOA) believe the Joint Comprehensive Plan Of Action is worth preserving and salvaging. Russia is one of the signatories to JCPOA, and supports the landmark nuclear agreement. 101/211
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