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March 29
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Iran and Russia have signed a Memorandum of Understanding to connect their banking systems through which financial and banking transactions will be facilitated, Mehr reports.

According to Mohsen Karimi of the Central Bank of Iran, the document will facilitate financial and banking transactions between the two countries and 13 other countries.

He added that this system is safe from sanctions because it is based on the internal infrastructure of the two countries.

Karimi said that "tonight we will conduct the first transaction between an Iranian and a Russian bank," adding that in the coming days and with the presence of the Central Bank of Russia's technical team in Tehran, communications between Iranian and Russian banks will be adjusted.

For his part, a representative of the Central Bank of Russia said at the signing ceremony that the biggest advantage of this memorandum is that it cannot be affected by Western sanctions and "our financial institutions will be more widely connected with other financial institutions and organizations in Iran after signing this memorandum of understanding."
 

 

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