BRICS: Russia and Iran Expand Payment System Integration

BRICS has been on a crusade to ditch the US dollar and its members are trying to integrate expand the usage of their own payment systems and promote local currencies.

After productive discussions in St. Petersburg, Mohammad Reza Farzin provided updates on the advancement of connecting Russia’s Mir payment system with Iran’s Shetab.

He detailed the phased approach: starting August 22, Iranian Shetab cards will be compatible as Amber smart cards in Russian ATMs, allowing Iranian citizens to withdraw rubles.

Subsequent phases will facilitate Russian card payments in Iran and enable Iranians to use Shetab cards at Russian stores via standard bank terminals.

This initiative, initiated following the Iranian Foreign Ministry’s April 2024 announcement and ongoing discussions since May 2022 led by Russian Deputy Prime Minister Alexander Novak, represents a significant stride forward in enhancing bilateral financial integration.