The Big Stiff: Russia-Iran dump the dollar and bust US sanctions
The Big Stiff: Russia-Iran dump the dollar and bust US sanctions News of Russian banks connecting to Iran’s financial messaging system strengthens the resistance against US-imposed sanctions on both countries and accelerates global de-dollarization. By Pepe Escobar February 09 2023 The agreement between the Central Banks of Russia and Iran formally signed on 29 January connecting their interbank transfer systems is a game-changer in more ways than one. Technically, from now on 52 Iranian banks already using SEPAM , Iran’s interbank telecom system, are connecting with 106 banks using SPFS , Russia’s equivalent to the western banking messaging system SWIFT. Less than a week before the deal, State Duma Chairman Vyachslav Volodin was in Tehran overseeing the last-minute details, part of a meeting of the Russia-Iran Inter-Parliamentary Commission on Cooperation: he was adamant both nations should quickly increase trade in their own currencies. Ruble-rial trade Confirming that the...