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Iranian bank cards now usable in Russia: Breaking News

Iranian bank cards can now be used in Russia, Iranian state television reported, marking a significant step in Tehran and Moscow’s efforts to strengthen financial cooperation and counter Western sanctions.

Since 2018, Iranian banks have been cut off from the SWIFT global payment system following the U.S. exit from the 2015 nuclear deal and subsequent sanctions. Russian banks have faced similar SWIFT restrictions since Moscow’s 2022 invasion of Ukraine.

On Monday, the state broadcaster IRINN showed footage of an ATM in Russia dispensing cash using an Iranian bank card. This transaction was enabled by linking Iran’s Shetab interbank network with Russia’s Mir payment system. IRINN reported that in-store card payments will also be available soon.

According to IRINN, Iran plans to extend this banking integration to other countries with strong financial ties, including Iraq, Afghanistan, and Turkey.

This development follows a June agreement between Iran and Russia aimed at bolstering banking cooperation as both nations grapple with Western economic pressures. Russia, meanwhile, has been actively advocating for an alternative to SWIFT since major Russian banks were excluded from the system in 2022.

Once the new system is fully implemented, Russians will be able to use their Mir cards in Iran as well, though no specific timeline has been announced.

Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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