News - Middle East: The Central Bank of Iran (CBI) says Russia’s Mir payment network will be connected to Iran’s Shetab banking system as the two countries boost their financial cooperation.

It announced that the measure would take place during a Monday ceremony, with CBI Governor Mohammad Reza Farzin and chairmen of Iranian banks.

By connecting the two countries’ local payment systems, Iranian banking cards can be used at automated teller machines (ATMs) in Russia, the CBI said.

Therefore, it added, every person with an Iranian banking card can receive his funds in rubles from Russian ATMs.

The CBI further said that the second phase of the link-up process will allow Russian nationals to use Iranian ATMs and the third phase will make Iranian Shetab cards acceptable at point-of-sale (POS) terminals installed in Russian stores.

Farzin had earlier said that the deal to connect Russia’s Mir and Iran’s Shetab payment systems had been finalized during his talks with Russian officials on the sidelines of the Financial Congress of the Bank of Russia in St. Petersburg in July.

Iran and Russia, both subject to illegal Western sanctions, have over the past years deepened their relations in various fields, including economy and trade. 

They are also in talks to launch a payment messaging service that could rival SWIFT, a dollar-based international system that has banned the two countries because of US pressure.

Source: Press TV