Russian ATMs to start accepting Iranian bank cards: CBI

Iranian banking cards will be acceptable to automated teller machines (ATMs) in Russia in late August as part of banking agreements that was finalized between the two countries earlier this week.

News ID: ۸۵۲۱۰۵

07 July 2024

EghtesadOnline: Governor of the Central Bank of Iran (CBI) Mohammad Reza Farzin said on Saturday that CBI and Russian central bank delegations had agreed in a meeting in St. Petersburg on Thursday to start implementing a banking deal that allows the payment systems of the two countries to link up.

He said under a first phase of the agreement that links Iran’s SHETAB payment system to Russia’s Mir equivalent, Iranian card holders will be able to withdraw ruble from ATMs in Russia as of late August.

“The second phase of this link-up will allow Russian nationals to use (ATMs) in Iran and in the third phase Iranian SHETAB cards will be processed in point-of-sale terminals in Russia,” said the CBI chief.

Based on previous statement by Iranian authorities, Iran has plans to access Mir in countries other than Russia where the system works.

Russia established Mir, which means both “peace” and “world” in Russian, in 2017 as an alternative to international financial services like Visa and Mastercard.

Countries like Cuba and South Korea have joined the payment service while Mir cards work in several former Soviet republics as well as in Turkey. Reports show that the United Arab Emirates also plans to join the system.

Farzin said Iran and Russia had signed a new document on banking cooperation during the meeting in Saint Petersburg.

The official said that the two countries have agreed under a bilateral monetary pact to supply and exchange liquidity in local currencies of Iran’s rial and the Russian ruble to help expand trade between the two countries.

Iran and Russia have been expanding their economic and trade relations in recent years as part of efforts to counter the impacts of Western sanctions on their economies. / Mehr