Iran considers joining Russian financial messaging system to bypass Swift
Iran is considering joining Russia's financial messaging system to bypass the Swift interbank system, after a number of Russian banks were cut off from the international payment messaging platform as part of western sanctions imposed on Moscow due to its military offensive in Ukraine. Russia's Financial Message Transfer System (SPFS) was created in response to the risks of a possible disconnection of Russian banks from Swift, and talks are now underway to integrate Iran into the system, Moscow state-run news agency RIA Novosti reported on Thursday. In early March, the EU confirmed that it was excluding seven Russian banks from the Swift system. Iran was blocked from Swift in 2012 as part of measures aimed at containing its nuclear programme. "We are making efforts in this direction (connecting Iranian banks to the SPFS) [for] the future," Kazem Jalali, ambassador of Iran to Russia, was quoted by the agency as saying. On February 26, the US, along with the European Co...