How successful will this effort be?
"Iran and Russia have taken the first steps to create a banking network that circumvents international sanctions. Iranian Central Bank Governor Mohammad Reza Farzin announced on November 11 that Iran and Russia have implemented a new interbank network to circumvent the SWIFT system, which is based on the US dollar. Iran’s Shetab interbank network now works with Russia’s Mir system, which means Iranians can now use Iranian bank cards and withdraw money in Russia. The Shetab-Mir network will also enable Iranians to make online purchases in Russia. Iranian state television channel IRINN stated that this plan will be implemented in Iraq, Afghanistan, and Turkey as well. The creation of this network and its emphasis on reducing dependence on the US dollar is part of a broader Iranian effort to mitigate sanctions and bolster the Iranian economy by building relations with regional and international states."
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