The Central Banks of Russia and Iran have finalized the stages of integrating the Russian payment system “Mir” and the Iranian system Shetab. This was announced by the head of the Central Bank of Iran, Mohammad Reza Farzin.

“A direct connection has been established between Iranian and Russian banks. The cooperation agreement between the Central Banks of Russia and Iran, in addition to establishing a direct link with Russian banks, also stipulates that our country will be directly connected to 106 foreign banks. Financial channels between Iran and the rest of the world are being restored,” Farzin wrote.

The head of the Iranian regulator reported that in the future, Russian citizens will be able to freely use Russian cards in Iran. The integration is expected to proceed in three stages.

The first stage will begin at the end of August. Iranian Shetab network bank cards will be usable in all ATMs in Russia as smart cards, and Iranian citizens will be able to withdraw rubles from Russian ATMs from their accounts. The second stage involves connecting the system for the benefit of Russian citizens in Iran. In the third stage, Iranian Shetab cards will start being processed in Russian stores.

In January last year, it was announced that Iran and Russia are developing a joint stablecoin backed by gold. It was expected to replace dollars, Iranian rials, and rubles in international settlements. The State Duma said at the time that the project would be implemented only after the use of cryptocurrencies is legalized and fully regulated in Russia.