Russia and Iran will integrate banking systems

Russia and Iran expect to fully connect their banking payment networks within two months, Iran’s central bank chief announced during a visit to Moscow on Tuesday. The move is part of a broader effort to reduce reliance on the U.S. dollar and shield their economies from Western sanctions. While it won’t dethrone the dollar on its own, the integration represents yet another crack in the foundations of the dollar-centric global financial system that has underpinned American power for decades.