Table of Contents
Russia and Iran have joined forces to develop a new payment system that will completely replace the international SWIFT infrastructure. This ambitious initiative is part of their broader strategy to circumvent Western financial dominance and increase their economic independence.
A confidential financial network as an alternative to SWIFT
According to reports from the Russian news agency Tass and statements by Kazem Jalali, the Iranian ambassador to Moscow, both countries are working on a “confidential financial messaging system” that will make SWIFT completely obsolete. Jalali stated that financial cooperation between Russia and Iran has improved significantly and he expects the remaining obstacles to be overcome by 2025.
Cooperation was recently strengthened by a meeting in Moscow between Mohammad Reza Farzin, the governor of the Central Bank of Iran, and Russian officials. Farzin accompanied Iranian President Masoud Pezeshkian at the signing of the comprehensive strategic partnership agreement on January 17. This agreement is intended to deepen relations between the two countries in many strategic areas.
Broad economic and strategic cooperation
The partnership between Russia and Iran goes far beyond the financial sector. Defense, counterterrorism, energy, transportation, industry, agriculture, culture and technology are also part of the cooperation. This underlines the desire of both countries to form an economic and political bloc that is less dependent on Western influence.
After signing the agreement, President Pezeshkian stated that Iran and Russia can work together completely independently, without external pressure. He added: “We no longer need to listen to the advice of foreign countries.” He criticized Western countries that, in his opinion, impose their wishes on others through positions of economic and political power.
Impact on the global financial system
The joint efforts of Russia and Iran to develop an alternative to SWIFT are a direct response to the sanctions imposed on them. By building their own financial system, both countries aim to protect their trade and transactions from Western restrictions. This new payment system could inspire other countries seeking greater financial autonomy or affected by sanctions to join.
If this alternative payment system works effectively, it could lead to further fragmentation of the global financial system. This would have far-reaching consequences for the international financial order and could lead to a shift from a Western-dominated system to a more decentralized structure.
Conclusion
Russia and Iran are taking an important step towards economic and financial independence by developing an alternative to SWIFT. This initiative has the potential to profoundly change international financial relations and could set a precedent for other countries. The coming years will be crucial to determine whether this system will truly have a lasting impact on the global financial order.
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