Iran and Russia Link National Payment Systems

Iran and Russia have officially linked their national payment systems, Mir and Shetab, in a significant move to facilitate financial transactions and reduce reliance on the US dollar. The connection allows Iranian travelers to withdraw rubles from Russian ATMs using their Shetab cards, with further phases planned for Russian citizens to access Iranian ATMs and make purchases in Russia. Central Bank of Iran Governor Mohammad-Reza Farzin emphasized that this integration is a major advancement towards economic cooperation and de-dollarization. The project, which has been in the works since 2017, aims to strengthen ties between the two nations amid ongoing sanctions. Currently, four Iranian banks are participating, with more expected to join as the project expands. This initiative reflects a broader strategy by both countries to enhance financial cooperation and counter US restrictions.