Iran, Russia link payment networks in bid to bypass sanctions
The financial partnership connects the national payment frameworks, aiming to boost trade and tourism between the two sanctioned nations — yet key challenges remain.
TEHRAN — Iran and Russia formally integrated their national payment systems in a move aimed at augmenting bilateral trade and deepening financial cooperation, Iran's state media reported on Monday.
The linkage of the Iranian Shetab network with the Russian Mir system was inaugurated at a ceremony in Tehran led by the governor of the Central Bank of Iran, Mohammad-Reza Farzin.
Hailed as a "key step" toward facilitating direct transactions between the two nations, the integration has been planned in three phases.
Initially, Iranian tourists will be able to use their Shetab-connected bank cards to withdraw rubles from Russian ATMs. The second phase will introduce a similar service for Russian Mir customers when visiting Iran, where such leading Western networks as Visa and MasterCard remain unavailable. And finally, the third phase will enable Iranian cards to be accepted at Russian retail outlets, completing a full-fledged connection that the Central Bank of Iran hopes will promote economic and cultural exchanges.
