Iran and Russia are working to create an interbank payment system similar to SWIFT, said Iranian Deputy Foreign Minister for Economic Diplomacy Mehdi Safari.

According to him, both countries have proposed one version of such a system.

Now we have practically reached a very good agreement, on the basis of which we could make currency transactions between the two countries, Safari told RIA Novosti.

He did not provide details of the proposed proposals.

On March 12, SWIFT ceased to provide services to Russian banks that fell under EU sanctions imposed in response to the Russian military operation in Ukraine. Russia offered India to use an analogue of SWIFT, and this initiative was also discussed with Iran. Experts believe that the Russian replacement for SWIFT will only handle domestic transactions. In June, Rostec presented a blockchain platform to replace SWIFT, Kommersant writes.