Iranian and Russian card payment systems were formally linked this week, coming as the two nations have been working together to circumvent economic sanctions imposed by Washington and the west. 

The announcement was made on Monday during a ceremony attended by the Governor of Iran’s Central Bank Mohammad-Reza Farzin. During the ceremony, “a previous agreement on the connection of Iran’s Shetab and Russia’s Mir card payment systems for electronic fund transfers took effect,” Iran’s Tasnim news agency reported. 

“The two domestic payment systems have been interconnected following the finalization of plans in the wake of a meeting with Russian Central Bank chief Elvira Nabiullina on the sidelines of the Financial Congress of the Bank of Russia in St. Petersburg in July,” Farzin said.

Travelers making visits between the two nations will be able to use their local debit cards for purchases. 

In the first phase, Iranian nationals visiting Russia will use Shetab cards to withdraw rubles under the Kahroba smart debit card system. Russian travelers will then be able to use their Mir cards in the Islamic Republic. 

Following this, Iranian citizens will be allowed to use Shetab cards at Point of Sale (POS) terminals across Russia.

Over the past two years, Moscow and Tehran have been pursuing efforts to circumvent western sanctions. Discussions on linking card payment systems have been ongoing since 2022. 

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Source Zero Hedge