TEHRAN (Tasnim) – Iran’s financial telecommunications system, known as SEPAM, has replaced the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in the country’s financial transactions with Russia, the governor of the Central Bank of Iran (CBI) said.
In remarks released on Tuesday, Abdonnaser Hemmati said banking ties between Iran and Russia have been established through Russia’s financial messaging system and Iran’s SEPAM without any need for SWIFT.
The CBI chief also referred to Iranian President Hassan Rouhani’s meeting with his Russian counterpart, Vladimir Putin, on the sidelines of the fifth trilateral summit of Iran, Russia and Turkey in Ankara on Monday evening and said the banking ties between Tehran and Moscow were also discussed at the meeting.
He further pointed to Iran’s recent membership in the Eurasian Economic Union (EAEU) and said SEPAM can be used for financial exchanges with the EAEU member states and help boost the trade ties.
Back in June, the Iranian parliament ratified an agreement that allows the administration to join a free trade zone with the EAEU countries.