The BRICS countries are undergoing a “crusade” to abandon the US dollar and are attempting to integrate and expand the use of their domestic payment systems, as well as boost their national currencies.
Following active discussions in St. Petersburg, Mohammad Reza Farzin, the Governor of the Central Bank of Iran, introduced the latest developments in connecting the Russian Mir payment system with Iran’s Shetab.
He detailed the phased approach: starting from the 22nd of X month, Iranian Shetab cards will be compatible with Russian Amber smart cards in ATMs, allowing Iranian citizens to withdraw rubles.
The next phase will facilitate Russian card payments within Iran and allow Iranians to use Shetab cards in Russian stores through standard bank terminals.
Read more:
BRICS Countries: Why do South Asian countries want to join the BRICS alliance?
The initiative, announced by the Iranian Ministry of Foreign Affairs in 2024, was launched and has been under continuous discussion since X month X year, led by Russian Deputy Prime Minister Alexander Novak, representing an important step forward in strengthening bilateral financial integration.
