The cross-border financial landscape between Russia and Iran has shifted with the linking of their domestic messaging systems, enabling direct processing of transactions between banks in the two nations. This development was disclosed by Mohsen Karimi, who serves as the deputy governor of Iran’s Central Bank with responsibility for international relations, according to the agency report. The move marks a significant step in reducing reliance on third-country intermediaries for bilateral banking activity and signals a broader push toward more autonomous settlement channels between Moscow and Tehran.
Karimi noted that Iranian and Russian banks can now communicate directly without routing through Switzerland, and that commercial banks from both sides can establish brokerage relationships. This capability is expected to streamline trade finance, reduce settlement times, and increase the efficiency of routine payments between the two economies, particularly for businesses engaged in ongoing import and export cycles. The new framework is positioned as a practical tool for improving liquidity management and risk controls in bilateral trade flows.
According to the deputy governor, exporters on both sides can issue invoices to their counterparties in their own currencies, with funds settling through the partner bank in the opposite country. He emphasized that transactions could be conducted using the two nations’ local currencies, a development that may help insulate certain trades from foreign-exchange volatility and create clearer price transparency for bilateral deals. This currency-enabled approach aligns with broader efforts in both capitals to broaden the use of national currencies in regional commerce.
In parallel, Andrei Rudenko, the deputy foreign minister of Russia, commented that cooperation in the banking sector will continue with the goal of increasing the share of national currencies in settlements. He framed the collaboration as part of a long-term strategy to diversify settlement mechanisms and strengthen financial ties between Moscow and Tehran, with benefits for the reliability and resilience of bilateral trade arrangements.
Earlier discussions and agreements have circulated around substantial bilateral activity, with reports indicating that more than forty billion dollars have recently exchanged hands across oil and gas-related transactions. While the exact mix of sectors remains varied, the oil and energy trade has consistently been a dominant driver of economic interaction between the two countries. The evolving financial linkage is viewed as a key enabler for expanding such exchanges, potentially inviting greater market integration and more predictable settlement frameworks for future contracts and commercial dealings.