Wednesday, April 24, 2024

Minister: Iranian, Russian banking systems not depending on SWIFT

The banking payment systems of Iran and Russia are already connected with each other, and that the banks will soon be able to open accounts for companies in both countries to make payments without using SWIFT, Iranian Minister of Economic Affairs and Finance Ehsan Khandouzi said in an interview with Sputnik.

“Today, the banking payment systems of Iran and Russia are already fully connected with each other. Soon, banks of both states, having created a legislative infrastructure, will be able to open accounts for their companies,” Khandouzi stated.

Iran and Russia are interested in Tehran becoming a strategic economic hub, the sides have reached a consensus, he continued.

“Although the United States is not interested in Iran becoming a strategic economic hub, Iran and Russia have reached full consensus on this issue,” the official added.

Iran hopes for “huge volumes” of swap supplies of oil and gas from Russia this year, Khandouzi stated.

“In a very short period of time, some of Iran’s neighboring countries have caused a slowdown in swap supplies between Russia and Iran. This issue has been resolved, so this year we will witness huge volumes of swap supplies. We are very pleased that Tehran and Moscow have begun cooperation on the issue of swap supplies of oil and gas,” the minister added.

In February, Russian Deputy Prime Minister Alexander Novak said Russia and Iran keep working on issues of swap operations with oil and gas. Talks on routes and mechanisms for implementation of swap supplies of oil and gas were conducted back in October 2022, then the sides planned to sign a relevant deal by the year end. According to Novak, at the first stage it may stipulate 5 million tonnes of oil per year and up to 10 billion cubic meters of gas.

Khandozi told Sputnik Iran is ready to resume economic relations with all Arab countries in the middle East region, following the recent agreement on the restoration of diplomatic relations with Saudi Arabia.

“Based on the neighborhood policy, our government is fully prepared to resume economic relations with all countries of the region (Middle East) and regards enhancing good neighborly relations with them as a factor in strengthening the region itself. Countries like Saudi Arabia will have an opportunity for economic cooperation with Iran,” he noted.

On March 10, Iran and Saudi Arabia signed an agreement mediated by China to resume relations, as well as open embassies and representative offices within two months.

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