Russia and Iran Link Their National Payment Systems, According to Reports
Moscow and Tehran have combined their national payment systems to enhance financial collaboration in light of Western sanctions. Read Full Article at RT.com.
TroibNews 
The integration of the Mir and Shetab systems will facilitate electronic fund transfers.
Moscow and Tehran have officially completed the pairing of their national payment systems, a development that will enable travelers from both countries to utilize their domestic debit cards for purchases in either Iran or Russia, according to reports from Iranian media.
At a formal ceremony in Tehran on Monday, Central Bank of Iran Governor Mohammad-Reza Farzin characterized the connection between Russia’s Mir and Iran’s Shetab payment systems as a significant advancement in economic cooperation and de-dollarization, in addition to enhancing economic and tourism relations between the two nations.
“The project … started with the aim of creating integration in the payment networks and facilitating financial transactions between the citizens of the two countries,” Farzin stated, as reported by the Tehran Times, adding that the initiative will unfold in three phases.
Farzin explained that the first phase allows Iranian citizens to use their banking cards at Russian ATMs. “In this way, now Iranian tourists can easily receive ruble notes from Russian ATMs using the riyal balance of their Shetab cards,” he noted.
In the second phase, Russian citizens will have the ability to withdraw cash in Iran using their domestic bank cards. The third phase involves making Iranian Shetab cards usable at point-of-sale terminals in Russian stores.
Earlier, Farzin informed reporters that the agreement to connect the two nations' domestic payment systems was concluded during a meeting with his Russian counterpart Elvira Nabiullina at the Financial Congress of the Bank of Russia in St. Petersburg in July.
There have been indications that Tehran may eventually begin using Mir for transactions with other international partners.
Amid Western sanctions, Moscow and Tehran have strengthened their relations, enhancing trade and financial cooperation.
Russia initiated the development of its own national payment system in response to US and allied sanctions related to the Ukraine crisis in 2014, and Mir cards were introduced in December 2015.
Following further sanctions in 2022, which cut many Russian banks off from SWIFT, Visa, and MasterCard, the government began promoting the domestic system as a dependable alternative.
Mir cards are currently accepted in several countries, including Abkhazia, South Ossetia, and Belarus, with certain restrictions in Armenia, Kazakhstan, Kyrgyzstan, Tajikistan, Cuba, Venezuela, and Vietnam. Some banks in Armenia, Kyrgyzstan, and Kazakhstan halted transactions and stopped accepting Mir cards due to US sanctions. Meanwhile, an additional 15 countries have reportedly expressed interest in permitting the use of Mir cards within their territories.
Frederick R Cook for TROIB News
Moscow and Tehran have officially completed the pairing of their national payment systems, a development that will enable travelers from both countries to utilize their domestic debit cards for purchases in either Iran or Russia, according to reports from Iranian media.
At a formal ceremony in Tehran on Monday, Central Bank of Iran Governor Mohammad-Reza Farzin characterized the connection between Russia’s Mir and Iran’s Shetab payment systems as a significant advancement in economic cooperation and de-dollarization, in addition to enhancing economic and tourism relations between the two nations.
“The project … started with the aim of creating integration in the payment networks and facilitating financial transactions between the citizens of the two countries,” Farzin stated, as reported by the Tehran Times, adding that the initiative will unfold in three phases.
Farzin explained that the first phase allows Iranian citizens to use their banking cards at Russian ATMs. “In this way, now Iranian tourists can easily receive ruble notes from Russian ATMs using the riyal balance of their Shetab cards,” he noted.
In the second phase, Russian citizens will have the ability to withdraw cash in Iran using their domestic bank cards. The third phase involves making Iranian Shetab cards usable at point-of-sale terminals in Russian stores.
Earlier, Farzin informed reporters that the agreement to connect the two nations' domestic payment systems was concluded during a meeting with his Russian counterpart Elvira Nabiullina at the Financial Congress of the Bank of Russia in St. Petersburg in July.
There have been indications that Tehran may eventually begin using Mir for transactions with other international partners.
Amid Western sanctions, Moscow and Tehran have strengthened their relations, enhancing trade and financial cooperation.
Russia initiated the development of its own national payment system in response to US and allied sanctions related to the Ukraine crisis in 2014, and Mir cards were introduced in December 2015.
Following further sanctions in 2022, which cut many Russian banks off from SWIFT, Visa, and MasterCard, the government began promoting the domestic system as a dependable alternative.
Mir cards are currently accepted in several countries, including Abkhazia, South Ossetia, and Belarus, with certain restrictions in Armenia, Kazakhstan, Kyrgyzstan, Tajikistan, Cuba, Venezuela, and Vietnam. Some banks in Armenia, Kyrgyzstan, and Kazakhstan halted transactions and stopped accepting Mir cards due to US sanctions. Meanwhile, an additional 15 countries have reportedly expressed interest in permitting the use of Mir cards within their territories.
Frederick R Cook for TROIB News
