Banking relations between Iran and Russia have been established without using global financial messaging system ‘SWIFT’ through Russian financial messaging system and Iran's Electronic Financial Messaging System (SEPAM), he noted.

Hemmati pointed to the recent accession of the Islamic Republic of Iran to the Eurasian Economic Union (EAEU) and stated, “using this system for trade and business exchanges between EAEU member states can help develop and expand trade exchanges between the member states as well.”

In the course of recent visit between Iranian President Hassan Rouhani and his Russian counterpart Vladimir Putin, boosting banking relations between the two countries was emphasized.

CBI governor pointed to the gradual fall of US dollar in world’s economic ties due to the US policies and stressed that Iran and Russia would be conducting business based on national currencies.

MA/4720469