By John Meyer, consultant in financial affairs – Eurasia Business News, November 12, 2024. Article n°1305.
The Russian payment system Mir has been connected to the Iranian Shetab system, Tasnim media agency reports. With the connection, Iranian cards can be used at ATMs in the Russian Federation.
In the second phase of the project, Russian citizens will be able to do the same in Iran. At the third stage of implementation, it is planned that Iranian Shetab cards can be used in stores in the Russian Federation.
“This project represents a successful model for the use and expansion of local infrastructure. It shows that international interactions can be developed in the direction of de-dollarization and in an unauthorized way,” said the head of the Iranian Central Bank, Mohammad Reza Farzin.
In August 2023, the Iranian Foreign Ministry noted that the availability of the necessary technical infrastructure allows the republic to connect to the payment system in a few months. On August 14, TASS press agency, citing Iranian Ambassador to Moscow Kazem Jalali, reported that Mir would work in Iran within six months.
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Last July, Russia and Iran had completed the integration of the Russian Mir payment system and the Iranian Shetab system, the parties had signed an agreement on the use of national currencies for commercial transactions.
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© Copyright 2024 – Eurasia Business News. Article no. 1305
Eurasia Business News 