Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Russian agency: Russia will conduct a nuclear test if the US does
Al-Nakhalah: We are the rightful owners, and we must fight to retrieve our rights
Al-Nakhalah: The enemy and its allies must know that we can never surrender to their terms and diktats after all the sacrifices made
Al-Nakhalah: The prisoner exchange clause can be completed in the next few days, and thus we will have pulled the [explosion] fuse and removed the enemy's justifications for aggression
Al-Nakhalah: The Resistance has expressed its willingness to negotiate on the basis that there are items that can be dealt with positively, the first of which is the prisoner exchange item
Al-Nakhalah: Trump's plan entails the Palestinian people's declaration of complete surrender to the enemy
PIJ Secretary-General, Ziyad al-Nakhalah, in an address aired on Al Mayadeen: The Resistance is engaging in a fierce negotiating battle under the so-called Trump plan
Russian Federation Council approves joint military cooperation agreement with Cuba
Al-Nunu: Today, the lists of prisoners required to be released, the agreed-upon criteria and numbers, were exchanged
Al-Nunu from Sharm el-Sheikh: Negotiations focused on mechanisms for implementing an end to the war, the withdrawal of occupation forces from the Gaza Strip, and the exchange of prisoners

Iran, Russia resisting SWIFT hegemony over banks

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Feb 2023 00:23
  • 1 Shares
2 Min Read

According to Mohsen Karimi, all  Russian banks nationally and abroad have access to SPFS, and 106 foreign banks in 13 other countries are now connected to SEPAM.

  • x
  • A woman uses an ATM machine at a branch of the Bank Melli Iran, at the Grand Bazaar of Tehran, Iran, Wednesday, June 10, 2020 (AP Photo/Vahid Salemi)
    A woman uses an ATM machine at a branch of the Bank Melli Iran, at the Grand Bazaar of Tehran, Iran, Wednesday, June 10, 2020 (AP Photo/Vahid Salemi)

An Iranian official announced that all banks in Russia and more than 100 banks in numerous other nations have been linked to SEPAM, Iran's financial communications system, dispensing of SWIFT which had hitherto monopolized financial telecommunication.

The Central Bank of Iran's deputy governor for international relations told the Iranian news agency, Tasnim, that Iranian banks are no longer required to use SWIFT for financial transactions.

Read more: Iran, Russia to create joint interbank payment system: Diplomat

According to Mohsen Karimi, all  Russian banks nationally and abroad have access to SPFS (the Russian version of the SWIFT financial transfer system), and 106 foreign banks in 13 other countries are now connected to SEPAM (Iran's local interbank telecom system).

Since the Russian SPFS, has been linked with Iran's SEPAM, anyone with access to the Russian network can now connect with Iranian banks, and vice versa.

Related News

Israeli banks face scrutiny over exorbitant wartime profits

Global IT outage exposes dangers of cashless society, campaigners warn

Karimi clarified that the SWIFT standards are the foundation upon which messages between SEPAM and SPFS are sent.

Rustam Zhiganshin, the Russian Trade Representative in Iran, presented plans for the establishment of a SWIFT-like bank-to-bank information and payment system between Russia and Iran in October 2022.

Read more: Iran Central Bank close to implementing agreements with Russia

Last February, Russian banks were excluded from the SWIFT interbank payment system by the decision of the European Commission and its allies.

The maneuver was intended to hit the country's banking network and its access to funds via SWIFT, which is pivotal for the smooth transaction of money worldwide.

This type of solution already exists, particularly in China. The country launched its international interbank payment system in 2015, called CIPS.

Read more: Iran-Russia annual trade to reach $40 billion in 1.5 years

  • Banks
  • Russia
  • SWIFT
  • Iran

Most Read

Tucker Carlson speaks at a memorial for Charlie Kirk, Sunday, September 21, 2025, at State Farm Stadium in Glendale, Arizona (AP)

Tucker Carlson: Israeli officers gave orders on Iran inside Pentagon

  • Politics
  • 2 Oct 2025
A Hamas fighter in combat fatigues stands before the ceremony for the handover of Israeli captives to the Red Cross in Nuseirat, central Gaza Strip, Saturday, February 22, 2025 (AP)

Hamas responds to Trump plan, backs Gaza withdrawal, exchange

  • Politics
  • 3 Oct 2025
Mossad’s secret role in Aldo Moro’s 1978 murder revealed

Mossad’s secret role in Aldo Moro’s 1978 murder exposed

  • Politics
  • 5 Oct 2025
Al-Quds Brigades strike a command and control center north of Khan Younis, southern Gaza Strip, in an undated screengrab from the al-Quds Brigades military media

Gaza resistance announces major operations against Israeli forces

  • Politics
  • 1 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Retired Israeli General Brik says Israel has reached point of no return.
Politics

Retired Israeli General Brik: 'Israel has reached point of no return'

Depleted by foreign wars, US seeks to re-arm for another confrontation
Politics

Depleted by foreign wars, US seeks to re-arm for another confrontation

Gaza’s newborns gasp for life as hospitals collapse amid Israeli war
Health

Gaza newborns gasp for life, share oxygen masks amid collapsed system

UK arms exports to 'Israel' reach record high despite ban calls
Politics

UK arms exports to 'Israel' reach record high despite ban calls

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS