Dollar, SWIFT completely removed from Iran-Russia trade: CBI
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Iran has completely removed the US dollar from its trade transactions with Russia, according to the country’s chief banker, amid growing economic cooperation between the two countries that are subject to Western sanctions.
Governor of the Central Bank of Iran (CBI) Mohammad Reza Farzin said on Monday that Iran and Russia had also set up financial settlement arrangements to avoid using the dollar-based SWIFT banking system.
“We have a monetary pact with Russia and don’t use the dollar in our ties,” Farzin told reporters after a ceremony to inaugurate the link-up between Iranian and Russian payment systems.