Decision to Integrate Payment Systems Between Iran and Russia

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Decision to Integrate Payment Systems Between Iran and Russia

As of November 11, Iran and Russia's national payment systems have officially been linked. This move aims to strengthen economic cooperation between the two countries and reduce reliance on the US dollar. The event in the Iranian capital, Tehran, was attended by the Governor of the Central Bank of Iran, Mohammad Reza Farzin.

The integration of the payment systems is planned as a three-phase process. In the first phase, Iranian citizens will be able to withdraw rubles from ATMs in Russia using their bank cards. In the second phase, Russian citizens will be able to obtain Iranian rials from ATMs in Iran using their own cards. The third phase will allow Iranians to make purchases at Russian stores using their bank cards.

Decreasing Dependence on the US Dollar

This cooperation, which expands ATM services in the first two phases, marks a significant step in reducing the use of the US dollar in trade between the two countries. According to the Fars News Agency, Central Bank Governor Mohammad Reza Farzin stated that this development will strengthen bilateral economic relations.

Last December, Farzin met with his Russian counterpart Elvira Nabiullina in Moscow, announcing an agreement to use their own currencies instead of the dollar in trade transactions between the two countries. These developments demonstrate Iran and Russia's determination towards economic independence.

A New Era in Economic Cooperation

With the integration of the payment systems, strengthening of trade ties and increased cooperation between Iran and Russia is anticipated. Especially the completion of the third phase is expected to greatly ease retail shopping for Iranian citizens in Russia.

This partnership will contribute to making the banking systems of both countries more integrated within international financial networks. At the same time, these steps, which are expected to serve as an example of regional cooperation, may pave the way for similar initiatives in trade activities with other countries.