Iran Russia Banking Link – a Step Away From Western Finance
/ Go to the mediabankA MIR bank card is seen being used in Yerevan, Armenia. File photo
/ Go to the mediabank
Iran and Russia are set to finalize the integration of their national payment systems within two months, allowing Iranian citizens to make purchases in Russia using domestic bank cards, Central Bank Governor Abdolnaser Hemmati said.The third and final phase will connect Iran’s Shetab network with Russia’s Mir payment systemThe integration will reduce currency conversion costs, cut reliance on cash, improve transaction security, and support tourism growthThe move is part of broader efforts to reduce dependence on SWIFT and US-dominated banking networksObservers note it could serve as a template for future integration with other BRICS members – a key step toward a multipolar payment systemThe Shetab-Mir link not only facilitates trade but also strengthens Iran’s position within Eurasian financial architecture, reflecting growing banking ties between the two countries, Hemmati stressed.
The Iranian delegation is also set to discuss deeper monetary cooperation with Russia, including expanded use of letters of credit and improved settlement mechanisms, he added.
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