Official announcements from the U.S. Department of Treasury or State Department

Russia's Mir Payment System Connects to Iran's Shetab, Creating Non-SWIFT Network

Nov 11, 2024, 01:16 PM

Russia's Mir payment system has been officially connected to Iran's Shetab banking system. This integration allows Russians to use their banking cards in Iran and vice versa, facilitating financial transactions between the two countries. Iranian bank cards can be used to withdraw rubles from Russian ATMs. This development is seen as a significant step towards creating a non-SWIFT payment system, potentially attracting other countries to join. The move is expected to boost Russia-Iran business ties and tourism, providing an alternative financial network amidst Western sanctions.