Rouhani Says Iran, Russia To Continue Moving Away From Using SWIFT, US Dollar In Trade
Iran and Russia will continue to move away from using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) financial network and the US dollar in external financial transactions, Iranian President Hassan Rouhani said on Wednesday, while commenting on his meeting with Russian President Vladimir Putin during the recent trilateral summit on Syria in Ankara
On September 13, Russian presidential aide Yury Ushakov said that Russia and Iran were setting up cooperation between the Russian financial messaging system and Iran's SEPAM as an alternative to making payments through SWIFT for protection against third countries' sanctions.
"We are glad that Iran maintains banking relations with a number of countries without using SWIFT. Once Western countries presented [the idea] that banks and banking relations mean SWIFT.
However, if a country is deprived of [the ability to use] her [the system] then those countries' banking relations will disappear," the Iranian president said, stressing that this process will help to weaken the United States' financial dominance.
"Establishing trade relations in national Currency with Turkey and Russia, and also with other countries, such as Iraq, could solve many problems regarding broadening connections," Rouhani said during a cabinet session of the Iranian government.