BRICS: Russia & Iran End SWIFT, Start Bank Transfers in Local Currency
BRICS members Russia and Iran have officially abandoned the SWIFT payment system for cross-border transactions. The two countries will initiate payments to settle international trade using direct bank transfers. SWIFT payment system is no longer needed for trade between Russia and Iran, as both countries have agreed to carry out transactions directly through the banks. The two BRICS members will engage in direct bank transfers in their respective local currency and not the US dollar. Also Read: BRICS: JP Morgan Issues Major Warning About US Economy The direct bank transfers with no SWIFT are between Russia and Iran only, and not the other BRICS members. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. BRICS: After Being Banned From SWIFT, Russia & Iran Initiate Direct Bank Transfers in Local Currency Source: oilprice.com Both Russia and Iran were banned from SWIFT in 2022 after the US pressed sanctions against the ...