Iran Press/Europe: The move, announced by Mohammad-Reza Farzin, Governor of the Central Bank of Iran (CBI), signals deepening financial cooperation between the two nations amidst Western sanctions.
"The monetary agreement between Iran and Russia has been implemented, and the national currencies of the two countries, the ruble and rial, are now the basis for settlement," Farzin stated during a press briefing in Moscow. His visit coincides with Iranian President Masoud Pezeshkian's high-profile discussions with Russian officials.
Farzin further revealed a pivotal development: the integration of Russia’s Mir Card Network with Iran’s SHETAB banking system. This connection aims to facilitate smoother financial transactions for businesses and travelers, bolstering trade and tourism between the two nations.
The agreement underscores Tehran and Moscow’s strategic push to mitigate the impact of sanctions imposed by the West. By conducting trade in their national currencies, the two countries aim to reduce dependency on the US dollar and foster a multipolar global financial system.
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