Iran and Russia signed a "

Russia and Iran continue efforts to deepen economic ties. Iranian state media reported that the countries have established direct channels of financial communication between Iranian banks and more than 800 Russian banks..

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Vice Chairman of the Central Bank of Iran Mohsen Karami announced the signing of a "

Karami added that Iranian banks abroad are also included in the Memorandum and can exchange standard banking messages with Russian banks..

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As ISW experts comment in their report, Iranian officials and state-affiliated media presented the Memorandum of Understanding as a means to circumvent Western sanctions against Iran and Russia and compared the messaging system to the Society for Interbank Financial Telecommunications (SWIFT), the world's largest financial messaging system..