We study theoretically the spin dynamics of a magnetic dimer serving as a contact between two electrodes. We find that the spin-spin coupling in the dimer can be dramatically modified from its equilibrium value. We show that the interaction can be tuned in such a way that it effectively changes its sign. The calculations show that, for large enough bias, the exchange interaction can even be changed from antiferromagnetic to ferromagnetic. The physical principles behind this result can be used as a new tool to achieve magneto-electric effects in molecular magnet systems.
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