Iran and Russia Link Their National Payment Systems
Image showing a Russian Mir debit card. X/ @NewRulesGeo
November 12, 2024 Hour: 8:46 am
‘We take a big step towards the de-dollarisation,’ said the governor of the Iranian Central Bank.
On Monday, news agency IRNA reported that Iran and Russia linked their national payment systems, a significant move to bypass the U.S. dollar in bilateral transactions.
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The linkage between Russia’s Mir and Iran’s Shetab payment systems was established in a ceremony attended by Governor of the Central Bank of Iran (CBI) Mohammad-Reza Farzin and Iranian Ambassador to Moscow Kazem Jalali.
The ceremony unveiled the first phase of the project, which enables Iranian citizens to use their bank cards to withdraw cash in rubles from Russian ATMs.
In the second phase, Russian nationals will be able to withdraw cash in Iran. The final phase will allow Iranians to make purchases at Russian stores using point-of-sale devices with their bank cards.
“Today, we take a big step towards the de-dollarisation and facilitation of economic relations between Iran and Russia,” Farzin said, adding that four Iranian banks have offered this new service, with more banks expected to join as necessary measures are implemented.
Iran and Russia, both under U.S. sanctions, have recently expanded their political and economic relations, particularly in the banking sector to counter U.S. restrictions.
Last December, Farzin met his Russian counterpart Elvira Nabiullina to finalize an agreement that would allow bilateral trades in their national currencies rather than the dollar.
teleSUR/ JF Source: Xinhua
