Russia Unifies National Payments System with that of Iran

Russia scored a major victory in the U.S- led financial sanctions war, when it enabled its MIR payments system to be connected with Iran’s Shetab system.
  • Defensemirror.com bureau
  • 05:04 PM, November 11, 2024
  • 671
Russia Unifies National Payments System with that of Iran
ATM in Russia

The implementation of the unification of the national payment systems of Iran and Russia began today with the domestic MIR officially connected to the Iranian Shetab system.

This is the first tie-up for ATM transfer with a foreign country ever since Russia was cut-off from SWIFT after the Ukraine war began.

With this Iran- issued credit and debit cards will be valid in Russian ATMS.  In addition Iranian and  businessmen will be able to transfer funds to their associates in Russia.

The debugging of all financial solutions related to the unification of the two national payment systems is still ongoing. But guests from Iran can  withdraw cash from Shetab cards in rubles at Russian ATMs, Tasnim news agency reported.

The next stage of integration of payment systems bypassing the Western payment systems such as SWIFT will include the possibility for Russians to withdraw cash using MIR cards in Iran. The Ambassador of the Islamic Republic to the Russian Federation, Kazem Jalali, suggested that Russian cards will start working in Iran in about six months. Then it is planned to implement the possibility of paying for goods with cards of both countries in stores of the Russian Federation and Iran without restrictions.

Russia already has arrangements with China, India and several CIS countries for trade in national currencies. However ATM transactions are not part of them as the currencies of these countries are connected through SWIFT and may run afoul of the West-led payments settlement system. 

Also Read

Iran Bypasses SWIFT with its Own SEPAM Interbank Clearing System

February 2, 2023 @ 02:08 PM

US Sanctions Chinese Firms for Deals with Iran Shipping Lines After UN...

October 20, 2020 @ 10:01 AM

Sanctions-busting ‘Financial Arrangements’ Helped Rosoboronexport Complete S-400 Turkey Deal

November 1, 2019 @ 09:45 AM
FEATURES/INTERVIEWS
© 2024 DefenseMirror.com - ALL RIGHTS RESERVED