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Russia and Iran Link Payment Systems, Boost Financial Cooperation Amid De-dollarization

Nov 11, 2024, 11:30 PM

Russia and Iran have officially integrated their national payment systems, connecting Russia's Mir payment network with Iran's Shetab banking system. This integration, completed at a ceremony in Tehran, allows ATM cards from both countries to be used interchangeably, enabling Russians to use their banking cards in Iran and vice versa. The move is seen as a significant step towards de-dollarization and a response to Western sanctions, which have previously banned both countries from using the SWIFT system. The Central Bank of Iran has highlighted this development as a major boost to financial cooperation between the two nations, enhancing business ties and tourism. Additionally, the Taliban can now pay with Iranian bank cards in Russia, and Iranians can withdraw rubles from Russian ATMs.