Russia, Iran moving towards creating a new financial system

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Iran IranRussia has found an opportunity in Iran after other countries loosen ties with it due to the invasion of Ukraine. Now the two nations are further establishing a stronger bond by considering the possibility of recognising the MIR. It is a fund transfer system for Russia, also an alternative to the global society.

Russia has brought in or rather introduced this fund transfer unit to counter the Worldwide Interbank Financial Telecommunication (SWIFT) network. Iran may be in the process of accepting this. On Thursday, the Iranian ambassador to Moscow stated, “We are making efforts in this direction in order to implement good steps in this field in the future.” Kazem Jalali also explained that the two sides are discussing the development and are considering the MIR payment system with Russian authorities.

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The Central Bank of Russia first established the MIR system in 2017. This was after internal sanctions were imposed on the country in 2014. Since then, the European nation focused on developing an in-house financial communications platform. It is known as SPFS or System for Transfer of Financial Messages.

Furthermore, two years ago, the Central Bank of Russia had said that a huge part which is about The Central Bank of Russia has also developed a domestic financial-communications platform, about one-fifth of the Russian internal financial messaging traffic, is being handled using the Russian system. It had then aimed to raise the percentage by 30 percent by next year.

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