Iran and Russia to link banking systems to bypass sanctions

Move follows Iran’s signing of free trade “memorandum” with Russia-led EAEU

Iran and Russia flags

Iran and Russia signed a memorandum of understanding in Tehran on January 29 to connect their interbank payment messaging systems. 

The financial messaging systems of all Iranian banks and all Russian banks will be linked to each other, Mohsen Karimi, deputy governor of the Central Bank of Iran, said. This will pave the way for all Iranian banks to transact with Russian lenders. 

Karimi added that this messaging link is immune to sanctions as it is based on the two nations’ internal

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