Iran, Russia Interconnect Local Payment Systems
"During the meeting, the two sides finalized the requirements to connect Russia’s Mir payment system to Iran’s Shetab and this project has entered the operational phase," Governor of the Central Bank of Iran (CBI) Mohammad Reza Farzin said.
He made the remarks after his return from St. Petersburg, where he had a meeting with his Russian counterpart Elvira Nabiullina.
Farzin said that in the first stage, which kicks off on August 22, bank cards of Iran’s Shetab system can be used as Amber smart cards in all ATMs across the Russian and Iranian citizens will be able to withdraw rubles from the Russian ATMs using their cards.
"The second stage [involves the possibility of] paying with Russian citizens’ cards in Iran," Farzin said, adding that in the third stage, Iranians will be able to pay with a Shetab card in Russian stores via an ordinary bank terminal.
Iran and Russia have been strengthening their economic ties in recent years, particularly as both countries face Western sanctions.
Bilateral trade reached a record $3.3 billion in 2021, an 81% increase from the previous year. Trade was worth $4 billion by the end of 2023. Iranian imports to Russia grew by 15.8% to $1.29 billion in 2023.
Iran and Russia are cooperating in oil and gas development, with Gazprom and Lukoil involved in Iranian projects. Russia was Iran’s largest foreign investor in 2022, particularly in oil projects.
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