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Iran, Russia Link Banking System Amid Western Sanctions

Russian and Iranian official sign the agreement in this photo released by Iran's Central Bank.
Russian and Iranian official sign the agreement in this photo released by Iran's Central Bank.
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Iran, Russia Link Banking System Amid Western Sanctions

Russian and Iranian official sign the agreement in this photo released by Iran's Central Bank.
Russian and Iranian official sign the agreement in this photo released by Iran's Central Bank.

A senior Iranian official said Monday that Iran and Russia have connected their interbank communication and transfer systems to help boost trade and financial transactions as both Tehran and Moscow are chafing under Western sanctions.

Since the 2018 reimposition of US sanctions on Iran after Washington ditched Tehran's 2015 nuclear deal with world powers, Tehran has been disconnected from the Belgium-based SWIFT financial messaging service, which is a key international banking access point.

The Financial Action Taskforce (FATF), a global dirty money watchdog, had again placed Iran on its black list in February 2020, after it failed to comply with international anti-terrorism financing norms.

Similar limitations have been slapped on some Russian banks since Moscow's invasion of Ukraine last year.

"Iranian banks no longer need to use SWIFT ... with Russian banks, which can be for the opening of Letters of Credit and transfers or warranties," deputy Governor of Iran's Central Bank, Mohsen Karimi, told the semi-official Fars news agency.

While Russia's central bank declined to comment on the deal signed on Sunday, Karimi said "about 700 Russian banks and 106 non-Russian banks from 13 different countries will be connected to this system." He did not disclose the names of the foreign banks.

Iran's Central Bank chief Mohammad Farzin welcomed the move. "The financial channel between Iran and the world is being repaired," he tweeted.

Since the start of the Ukraine war, Tehran and Moscow have acted to forge close bilateral ties as they attempt to build new economic and diplomatic partnerships elsewhere.

With deepening economic misery, largely because of US sanctions over Tehran's disputed nuclear work, many Iranians are feeling the pain of galloping inflation and rising joblessness.

Inflation has soared to over 50%, the highest level in decades. Youth unemployment remains high with more than 50% of Iranians being pushed below the poverty line, according to reports by Iran's Statistics Centre.

Iran's top authority, Supreme Leader Ali Khamenei, said on Monday that the establishment faced "a tangible welfare and livelihood problem" that could not be cured without economic growth.

"In today's world, a country's status is largely related to its economic power ... We need economic growth to maintain our regional and global position," Khamenei said in a televised speech.

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World

WFP: Expanding Conflict Drives Record Hunger in Northern Nigeria

A soldier patrols outside burned homes, days after an attack in the village of Woro, Nigeria, Thursday, Feb. 5, 2026. (AP Photo/Pelumi Salako)
A soldier patrols outside burned homes, days after an attack in the village of Woro, Nigeria, Thursday, Feb. 5, 2026. (AP Photo/Pelumi Salako)
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WFP: Expanding Conflict Drives Record Hunger in Northern Nigeria

A soldier patrols outside burned homes, days after an attack in the village of Woro, Nigeria, Thursday, Feb. 5, 2026. (AP Photo/Pelumi Salako)
A soldier patrols outside burned homes, days after an attack in the village of Woro, Nigeria, Thursday, Feb. 5, 2026. (AP Photo/Pelumi Salako)

Hunger across Nigeria's conflict-hit north is at levels not seen in a decade as violence spreads and aid shrinks, the UN's World Food Program warned Thursday, with more than three million people "acutely food insecure".

The country has been battling an extremist insurgency centered in the northeast since 2009, with a resurgence in violence since 2025.

Extremists have also been expanding into the northwest, which is already facing a separate, overlapping crisis from armed "bandit" gangs.

"What concerns us most is how this crisis is expanding," WFP regional director for west and central Africa, Kinday Samba, said in a statement, noting the spread of violence "across a much wider area and forcing people from farmland, driving displacement and restricting humanitarian access".

Aid cuts under US President Donald Trump and other western countries have hit some of Nigeria's poorest households in recent years.

At the same time, the International Monetary Fund reported last month that poverty has risen under President Bola Tinubu, who has embarked on a raft of economic reforms supported by economists but which have also driven punishing inflation.

As conflict in the country's troubled north has expanded, so has the number of areas too dangerous for WFP to operate in, it said.

"The number of inaccessible locations has doubled: a further 15 areas are now considered partially inaccessible for WFP's frontline staff," it said,

Government control is scanty outside urban centers, leaving swathes of rural areas prone to attacks from armed groups.

More than 17 million people across northern Nigeria "are experiencing crisis, emergency, or catastrophic levels of hunger", WFP said.

"Nigeria's food security crisis is worsening faster than previously anticipated," it said. "Conflict is driving hunger in some northern states, particularly the northeast, to levels not seen in almost a decade".

In Borno state, the epicenter of the militants conflict, more than three million people are "acutely food insecure", including 10,000 people facing "catastrophic hunger".

But WFP's footprint is shrinking amid a donor shortfall, it said.

At the height of 2025 "lean season", when the previous year's foodstocks are running low but the current year's crops aren't ready for harvest, the agency delivered food and nutrition aid to 1.3 million people.

Amid "extreme funding shortfalls", it has projected it will reach slightly over half that number this year.

World

Iran Warns Oil Tankers to Use Approved Routes in Strait of Hormuz or Face a 'Forceful Response'

Two boys stand in shallow water with foam floats as cargo ships and other vessels are seen in the Strait of Hormuz off Bandar Abbas, Iran, Tuesday, June 30, 2026. (Amirhosein Khorgooi/ISNA via AP)
Two boys stand in shallow water with foam floats as cargo ships and other vessels are seen in the Strait of Hormuz off Bandar Abbas, Iran, Tuesday, June 30, 2026. (Amirhosein Khorgooi/ISNA via AP)
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Iran Warns Oil Tankers to Use Approved Routes in Strait of Hormuz or Face a 'Forceful Response'

Two boys stand in shallow water with foam floats as cargo ships and other vessels are seen in the Strait of Hormuz off Bandar Abbas, Iran, Tuesday, June 30, 2026. (Amirhosein Khorgooi/ISNA via AP)
Two boys stand in shallow water with foam floats as cargo ships and other vessels are seen in the Strait of Hormuz off Bandar Abbas, Iran, Tuesday, June 30, 2026. (Amirhosein Khorgooi/ISNA via AP)

Iran’s joint military command warned Thursday that all oil tankers moving through the Strait of Hormuz must use its approved routes or face a “forceful response,” again ratcheting up tensions over a waterway crucial for international energy supplies.

The strait, the narrow mouth of the Arabian Gulf, has emerged as one of the top issues in negotiations to reach a permanent end to the Iran war. The statement from the Khatam al-Anbiya military command, reported by Iranian state television, comes after both US and Iranian diplomats met with mediators on Wednesday in Qatar, The Associated Press said.

It wasn’t immediately clear what sparked the threat from Iran. However, the US military's Central Command had put out a statement about having a meeting with officials from Mideast nations in Bahrain that said “leaders underscored their shared commitment to the free flow of commerce through the Strait of Hormuz.”

“Any failure to comply, deviation from the designated route, or disregard for the navigation protocols of the Islamic Republic of Iran in the Strait of Hormuz will be met with an immediate and forceful response from the armed forces, endangering the security of the violating vessels,” the Iranian statement said.

It also said the continued presence of US fighter jets over the strait “causes insecurity in this waterway and threatens regional security.”

“Any attempt by the United States to interfere in security matters or any disruptive action in the Strait of Hormuz will be considered a threat to Iran’s national sovereignty and will be met with a rapid and decisive reaction,” the Iranian warning added.

Iran and the United States agreed as part of an interim deal to allow ships to pass without paying charges for 60 days. But Tehran insisted it must control the routes of the vessels and later charge fees for passage, upending decades of practice in the waterway.

An effort by Oman and a United Nations agency to launch a new route near Oman’s shore sparked attacks across the Mideast last weekend, highlighting the tensions.

World

Iran Warns US against Interference in Strait of Hormuz

Cargo vessel anchored in the Strait of Hormuz (AP)
Cargo vessel anchored in the Strait of Hormuz (AP)
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Iran Warns US against Interference in Strait of Hormuz

Cargo vessel anchored in the Strait of Hormuz (AP)
Cargo vessel anchored in the Strait of Hormuz (AP)

Iran said on Thursday that any US interference in the Strait of Hormuz would trigger a "decisive and ‌rapid" ‌response, adding ‌that ⁠the continued presence of US ⁠air assets across the waterway endangered regional security, state media ⁠reported.

Khatam al-Anbiya ‌Central ‌Headquarters, which coordinates Iran's ‌armed forces ‌operations, said all tanker and commercial vessels must follow ‌routes designated by Tehran for ⁠safe ⁠passage through the strait, adding that deviations or failure to comply with navigation protocols would face an immediate response.