The Governor of the Central Bank of Iran (CBI), Mohammad-Reza Farzin, announced that the monetary agreement between Iran and Russia is now in effect.
Under this agreement, the ruble and rial are being used for settlements at the agreed exchange rate on the commercial foreign exchange market.
Farzin, who was accompanying President Masoud Pezeshkian on a visit to Russia, also confirmed the connection of Russia’s Mir Card Network to Iran’s SHETAB banking system.
Additionally, Iranian Oil Minister Mohsen Paknejad mentioned that he and his team have had extensive discussions with Russian energy officials, adding that the terms of the Iran-Russia oil contract are nearing completion.
Paknejad, also traveling with President Pezeshkian, stated that the two sides are close to finalizing the contractual details and are set to move forward with signing the final memorandum of understanding.