Integration of Russian and Iranian National Payment Systems Goes Live

Iranian Central Bank Governor Mohammad Reza Farzin announced that Moscow and Tehran have put the finishing touches on the integration of their payment systems—both subjected to Western sanctions and blacklisting—TASS reported. Upon returning from meeting with Russian Central Bank authorities on the sidelines of the June 5-8 St. Petersburg International Economic Forum, Farzin reported that “during the meeting, the sides finalized the requirements to connect Russia’s Mir payment system to Iran’s Shetab and this project has entered the operational phase.… The second stage [involves the possibility of] paying with Russian citizens’ cards in Iran,” Farzin said. A third stage will allow Iranians to make purchases in Russia with their Shetab cards.