BRICS countries are carrying out a “Crusade East” to abandon the US dollar and are attempting to integrate and expand the use of their domestic payment systems while bolstering their national currencies.
Following active discussions in St. Petersburg, Mohammad Reza Farzin, Governor of the Central Bank of Iran, introduced the latest developments in connecting Russia’s Mir payment system with Iran’s Shetab.
He detailed a phased approach: starting from February 22nd, Iranian Shetab cards will be compatible with Russia’s Amber smart ATMs, allowing Iranian citizens to withdraw rubles.
The next phase will facilitate Russian card payments within Iran and permit Iranians to use Shetab cards at Russian stores via standard bank terminals.
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Initiated following an announcement by the Iranian Ministry of Foreign Affairs in March 2024, the initiative has been under ongoing discussions since October 2022 led by Russian Deputy Prime Minister Alexander Novak, marking a significant step forward in enhancing bilateral financial integration.
