26 Aug 2026
Russia and Iran to create joint interbank payment system
Russia and Iran are working on the creation of a joint interbank payment system, similar to SWIFT, Iran’s Deputy Foreign Minister for Economic Diplomacy Affairs Mehdi Safari said.
"Naturally, two countries that want to dedollarize their transactions must have a special system similar to SWIFT. The Iranian and Russian sides each proposed one version of such a system. Now, we have practically reached a very good agreement, on the basis of which we could carry out currency transactions between the two countries," Safari said.
The diplomat also believes that the Russian Mir payment system will soon be launched in Iran, noting that there are agreements on the matter.
Previously, the Kremlin noted that cooperation between Russia and Iran is growing, as the net trade between the two nations grew 31 percent just over the past few months. At the same time, Moscow added that Russia and the Islamic Republic will gradually abandon the practice of using U.S. dollars to measure bilateral trade.
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