Two countries under sanctions "shake hands" to cooperate, Iranian tourists can freely do this in Russia

According to the Central Bank of Iran (CBI) website, on November 11, Iran and Russia officially connected the two countries' interbank networks, allowing the use of Tehran bank cards in Moscow's ATM network.

Russia connects interbank network with Iran. (Source: Shutter stock)

This important step aims to simplify financial transactions for Iranian and Russian tourists, marking a milestone in economic cooperation between the two countries.

The two countries have been working to strengthen their banking systems since sanctions were imposed on Moscow more than a decade ago.

Plans are underway to address the challenges facing businesses in both Tehran and Moscow.

The first phase linking Iran's Shetab banking network with Russia's Mir payment network was officially launched in a ceremony attended by CBI Governor Mohammadreza Farzin, along with Iran's ambassador to Russia Jalal Kazemi and several senior banking officials.

According to the CBI announcement, all Iranian banks and credit institutions must connect with Shetab.

The measure has been on the CBI's implementation agenda since 2017, but has been postponed several times for technical reasons.

With this connection, Iranian tourists can withdraw Rubles from Russian ATMs.

The second phase of the project is expected to be launched later this year, allowing Moscow tourists to access Tehran ATMs.

While the third stage will allow Iranian tourists to make purchases in Russia using their Shetab affiliate cards.

CBI Governor Farzin described the launch as a “proud step” towards reducing dependence on the US dollar in bilateral transactions and promoting regional economic integration.

“By connecting our two countries’ national payment networks, we are removing barriers to electronic payments and paving the way for a new era of economic cooperation,” he added.

The banking connection between Iran and Russia follows Russian President Vladimir Putin's announcement in September of strengthening ties with Iran, backed by Supreme Leader Ayatollah Ali Khamenei.

The two countries are working towards signing an important agreement to establish a Strategic Partnership.

Source: https://baoquocte.vn/hai-quoc-gia-chiu-trung-phat-bat-tay-hop-tac-du-khach-iran-co-the-thoai-mai-lam-dieu-nay-tai-nga-293466.html