Russia (IP) - The Ambassador of Iran to Russia says Tehran and Moscow are consulting over the recognition of the MIR inter-banking mechanism.

Iran PressEurope: Kazem Jalali said on Thursday that Iran and Russia were in talks to recognize MIR (Russian payment system) financial system cards.

MIR is a Russian payment system for electronic fund transfers established by the Central Bank of Russia under a law adopted on 1 May 2017.

The system is operated by the Russian National Card Payment System, a wholly-owned subsidiary of the Central Bank of Russia.

Iran and Russia are under US sanctions, so they seek ways to have financial interactions independently from the US and its allies. 

European countries have been thrown into disarray after Russian President Vladimir Putin said: "unfriendly countries" who buy Russia's gas will now have to pay in rubles.

European countries buy some 40 percent of their total gas consumption from Russia.

Countries that have imposed sanctions on Russia appear on the list of "unfriendly" countries, including the United States, EU member states, Britain, Japan, Canada, Norway and Singapore.

Since the European Union (EU) announced sanctions on Russia in response to its "special military operation" against Ukraine in February, gas trade between the two sides has been thrown into the spotlight, with daily trade volume fluctuating.


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