Iran, Russia link banking systems to counter US sanctions

Iran and Russia have linked their banking systems, allowing citizens of both countries to use their bank cards across borders. The move is aimed at bypassing economic sanctions and strengthening financial ties.

This initiative marks a significant step for Iran, which has faced various US sanctions, limiting its global financial interactions.

Currently, only Iranian bank cards can be used at ATMs in Russia, but the partnership aims to enable mutual access soon.

The integration connects Iran’s interbank network, Shetab, with Russia’s Mir system, facilitating transactions for Iranians abroad.

This development is expected to increase financial cooperation between the two countries and extend similar services to neighboring nations like Turkey, Iraq, and Afghanistan.

In June, Iran and Russia signed an agreement to enhance cooperation in the banking sector.

As per sources, efforts are underway to allow Russians to use their bank cards within Iran as well.

Russia is a strong proponent of the creation of an international payment platform as an alternative to the Society for Worldwide Interbank Financial Telecommunications(SWIFT).