Iran and Russia Strengthen Dedollarization with Banking Network Integration
WANA (Nov 13) – International media report that Iran and Russia have intensified efforts to reduce dependence on the dollar and conduct trade in their national currencies as a strategy against U.S. sanctions.
Al Jazeera, in a report titled “Russia’s Mir Network in Iran…Will it replace the Swift system?,” noted that the integration of the two countries’ banking systems is a step toward mitigating the economic impact of Western sanctions. This banking connection began after a meeting between Putin and Iran’s Supreme Leader in July 2022, leading to transactions in Iranian Rials and Russian rubles.
According to Al Mayadeen, Iranians can now withdraw cash in Russia using their bank cards, with plans to enable purchases in Russian stores soon. This initiative is expected to extend to countries with significant financial ties to Iran, including Iraq, Afghanistan, and Turkey.
Al Araby Al Jadeed, citing Iran’s Central Bank Governor, reported that linking Russia’s “Mir” and Iran’s “Shetab” payment systems without using SWIFT reduces currency conversion risks and has led to a surge in trade between Iran and Russia.
The “Mir” to “Shetab” Connection Model Could Also Be Implemented for Iraq and Turkey
WANA (Nov 11) – An advisor to the Governor of Iran’s Central Bank announced that Iran intends to apply the model of connecting Russia’s “Mir” banking network to Iran’s “Shetab” network for other regional countries, such as Iraq and Turkey. Speaking to reporters, he stated: “Given the extensive social interactions with countries like Iraq, […]
Iran Seeks Further Banking Links with Other Countries
The Independent and Agence France-Presse also highlighted that with this banking integration, Iranians can now use their bank cards in Russia, marking a significant step to boost trade and financial transactions as a countermeasure to sanctions.
RIA Novosti reported that the need for banking connectivity arose after Iran was cut off from SWIFT in 2018, with Russia facing similar sanctions in 2022, ultimately leading to new financial agreements in January 2023.
Outlets like Al-Ahed and Arab 48 emphasize that Iran also seeks to establish banking connections with countries such as Iraq, Afghanistan, and Turkey.
According to Asharq Al-Awsat, Iran and Russia have officially linked their national payment systems, allowing travelers from both countries to use their bank cards in the other country. Currently, Iranians can withdraw cash in Russia, and soon, they will also be able to make purchases using their cards.
Iran’s Tourism Bank Joins Russia’s MIR Payment Network
WANA (Nov 13) – Iran’s Tourism Bank has officially joined Russia’s MIR payment network, following the launch of the first phase connecting Iran’s Shetab card payment network with MIR. According to a statement from the bank’s public relations office, the unveiling ceremony took place at the Central Bank of Iran, where Tourism Bank became […]
Facilitating Trade and Tourism between Iran and Russia
According to Sputnik, banking expert Ahmad Mohajer explained that the connection between the Mir and Shetab networks allows citizens of both countries to withdraw money from ATMs. Currently, this service is active for Iranian tourists, with Russian tourists expected to benefit soon. Mohajer emphasized that choosing tourism as the first focus of the project could stimulate the sector between the two nations.
Mohajer also stated that the project could reduce banking barriers and significantly increase trade. In the first half of this year, Iranian exports to Russia amounted to 1.3 million tons worth $494 million, while imports from Russia reached 1.1 million tons worth $797 million. He noted that Bank Saderat Iran is the designated clearing bank, with Russia’s VTB Bank also participating in the project.
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