Iran and Russia are advancing faster than other nations in reducing reliance on the US dollar for trade, a senior Iranian businessman said, emphasizing enhanced banking and monetary cooperation between the two countries.
Kambiz Mirkarimi, a board member of the Iran-Russia Joint Chamber of Commerce, stated that banking ties between Iran and Russia have operated smoothly without relying on SWIFT, using domestic financial messaging systems instead.
Speaking to Iran Chamber of Commerce newsroom, Mirkarimi said that the two countries have now taken a significant step forward by connecting Iran’s SHETAB payment network with Russia’s Mir network.
Mirkarimi highlighted ongoing efforts by countries such as China, India, Russia, and Iran to reduce dollar-based transactions. He added that under agreements within the BRICS framework, these nations are exploring the creation of a new currency to replace the dollar in trade settlements.
Currently, Iranian banks are connected to Russian banks, enabling seamless money transfers, Mirkarimi said, noting that a large portion of trade settlements between the two nations is conducted in rubles.
He also noted the successful implementation of Iranian SHETAB cards in Russian ATMs, part of a three-phase project linking SHETAB and Mir networks. In the final phase, Russian merchants will be able to purchase in Iran via Mir cards, a development expected to lower transaction costs and boost tourism.