Tehran, November 12, 2024 – The Europe Today: In a significant move to bolster economic ties and reduce reliance on the U.S. dollar, Iran and Russia have officially linked their national payment systems, allowing travelers from both nations to use domestic debit cards across borders. The integration of Iran’s Shetab and Russia’s Mir payment systems was formalized at a ceremony in Tehran, with Central Bank of Iran (CBI) Governor Mohammad-Reza Farzin describing it as a “major step towards economic cooperation and de-dollarization.”
The initiative is set to enhance financial transactions and tourism between the two countries. The project will unfold in three phases, starting with the ability of Iranian citizens to access Russian ATMs using Shetab cards to withdraw rubles. Next, Russian citizens will be able to use their bank cards to withdraw cash in Iran. Finally, Iranian Shetab cards will be accepted at Russian point-of-sale (POS) terminals, expanding the utility of the system for both nations’ citizens.
The integration was finalized during discussions between Farzin and Russian Central Bank Governor Elvira Nabiullina at the Financial Congress of the Bank of Russia in St. Petersburg in July. As part of their broader strategy, Tehran is considering extending Mir card usage to other international partners, reflecting Iran and Russia’s increasing cooperation amid Western sanctions.
Since the imposition of sanctions on Russia following the Ukraine conflict, Moscow has promoted its Mir payment system as an alternative to Visa and MasterCard. Mir cards are currently accepted in several countries, and interest in adopting the system has been expressed by numerous other nations.
This new development between Iran and Russia marks a strategic alignment aimed at boosting financial integration and offering greater convenience for travelers and businesses in both countries.
