The Central Bank of Iran (CBI) says Russia’s Mir payment network has been connected to Iran’s Shetab banking system, a move that takes place in line with boosting financial cooperation between the two neighboring countries.
The measure is expected to facilitate using Iranian banking cards at automated teller machines (ATMs) in Russia, the CBI said, adding that from now on, every person with an Iranian banking card can receive his funds in rubles from Russian ATMs.
The CBI further said that the second phase of the link-up process will allow Russian nationals to use Iranian ATMs and the third phase will make Iranian Shetab cards acceptable at point-of-sale (POS) terminals installed in Russian stores.
Speaking at a ceremony on Monday where this project was initiated, CBI governor Mohammad Reza Farzin hailed that plan as a major step in de-dollarization and facilitating economic relations between Tehran and Moscow.
Iran and Russia, both subject to illegal Western sanctions, have over the past years deepened their relations in various fields, including economy and trade.
They are also in talks to launch a payment messaging service that could rival SWIFT, a dollar-based international system that has banned the two countries because of US pressure.