Russia-Iran streamline interbank payments for more transport and investments

Image: Flickr. REUTERS/Sergei Karpukhin

Russia and Iran have officially entered an agreement to connect their interbank payment systems. Iran’s Shakr Bank and Russia’s VTB Bank will lead a project to link 158 banks and facilitate payments, investments, and other shared projects, including transport. “If this works in practice, the two countries will catch their breath since both are cornered”, says sanction expert and lawyer Sebastiaan Bennink.

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Author: Nikos Papatolios

Nikos Papatolios is the Chief Editor of RailFreight.com, the online magazine for rail freight professionals.

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Russia-Iran streamline interbank payments for more transport and investments | RailFreight.com