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Iran and Russia have joined forces to create an alternative banking system to bypass Western sanctions and the disconnection of SWIFT, according to Reuters. The new system will allow Iranian banks to open letters of credit, make transfers, and issue guarantees with Russian banks. The agreement was signed on Sunday and will connect 700 Russian banks and 106 non-Russian banks from 13 different countries. Central Bank of Iran Governor Mohammad Farzin wrote on Twitter that this new system will help restore the financial channel between Iran and the world. The US sanctions have caused inflation in Iran to reach over 50%, and more than 50% of Iranians are living below the poverty line. The Iranian authorities fear that economic isolation and lack of economic improvement could lead to further unrest.