WANA (Aug 18) – In an interview, Ilyas Zaripov, a Russian academic, highlighted the success of the Iran-Russia monetary pact, suggesting it could serve as a model for BRICS countries and those aspiring to join.

 

He noted that this agreement strengthened Iran-Russia relations and offered a defence against sanctions from unfriendly nations. The pact facilitates using national currencies for transactions, promoting stable financial exchanges and countering U.S. economic strategies.

 

Zaripov emphasized the benefits for tourism, as the agreement integrates Iran’s Shetab and Russia’s Mir payment systems, enabling citizens of both countries to use their bank cards interchangeably. This, in turn, would enhance tourism, trade, and investment opportunities.

 

He also pointed out that the pact would make bilateral trade more affordable, stabilize prices, and normalize transactions. This is further supported by Iran’s free trade agreement with the Eurasian Economic Union, which will enhance access to markets in Russia and other member states.

 

Zaripov discussed the potential creation of a BRICS currency backed by gold reserves, positioning it as an alternative to the dollar and euro. He also mentioned Russia’s development of the BRICS Pay system, which could surpass the outdated SWIFT system.

 

Iran’s Central Bank and its ambassador to Russia have endorsed the monetary pact, indicating that BRICS members are receptive to new financial mechanisms that reduce reliance on Western systems. This could potentially lead to greater financial independence for these nations.