It was reported that Russia and Iran joined their banking systems. This was done primarily through joining their inter-bank communication and transfer systems. Without any communication it is not possible to have regular transactions.
SWIFT is the leading organization in the world in this communication. China’s CIPS is the second most used communication system.
Since the 2018 US sanctions on Iran, after Washington rejected Tehran’s 2015 nuclear deal, Iran has was disconnected from SWIFT and sanctions disallowed transactions. Russia has also been disconnected from SWIFT following the Ukraine episode.
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