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Tehran and Moscow have completely abandoned SWIFT, the Central Bank of Iran said
(www.oreanda-news.com)
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this post was submitted on 08 Jan 2024
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Two countries that can’t use SWIFT establish a transaction system no one else uses, that isn’t SWIFT. Got it.
Somewhat relevant since they form 2 of the 10 BRICS countries and China is often pretty eager to jump onto non-US systems for obvious reasons.
Will be interesting to see if they trust eachother enough with the system. SWIFT is a large robust and proven system. Something new to the market could be engineered to favor one of the parties, this will be a test of trust as well as technology.
Two large economies under Western sanctions establish an alternative that serves as a basis for sanctions avoidance.