For Iranian news site PressTV the official operation of interbank communication and transfer systems established between Iran and Russia marks a milestone.
US and European sanctions have blocked access to key parts of the global financial infrastructure, prompting Iran and Russia to work toward creating a rival to the SWIFT payments messaging service that underpins cross-border payments across the global economy.
While the immediate consequence of the move is facilitation of economic relations, the overall objective is de-dollarization - a global trend of countries to gradually reduce their reliance on the US dollar.
By connecting their national payment networks, Iran and Russia have in fact removed their banking boundaries and opened a new chapter in their economic and cultural cooperation.
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