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Russia and Iran Develop Payment System to Replace SWIFT, Over 80 Banks Join Effort Led by Andrei Kostin and Kazem Jalali

Jan 19, 2025, 12:37 PM

Russia and Iran are advancing their financial collaboration by developing a confidential payment system aimed at replacing the SWIFT network. This initiative has seen the participation of over 80 banks, as reported by Iranian Ambassador to Moscow, Kazem Jalali. The partnership is part of a broader strategy to counter Western sanctions and enhance economic ties between the two nations. Andrei Kostin, the head of VTB Bank, has expressed strong support for this initiative, stating that it is essential to abandon the SWIFT system to prevent information leaks to adversaries. He emphasized the urgency of creating an alternative system, asserting that it is a matter of administrative decisions and technological implementation. Kostin's remarks reflect a growing sentiment among Russian financial leaders to sever reliance on Western banking infrastructures.