Iran contemplates accepting Russian credit cards
Date
4/25/2024 5:48:40 AM
(MENAFN) In a significant move poised to strengthen economic ties between Iran and Russia, Tehran is on the verge of accepting Russian Mir debit and credit cards, as reported by the Izvestia newspaper. According to Mohsen Rahimi, the trade attaché from Tehran’s embassy in Moscow, preparations are underway to enable the acceptance of Mir cards within the coming months, marking a milestone in bilateral economic cooperation.
The initiative to integrate Mir cards into Iran's payment infrastructure underscores the deepening economic collaboration between the two nations, particularly amidst Western sanctions targeting both countries. With trade turnover reaching $4 billion last year, the potential for further growth remains substantial, particularly in sectors such as manufacturing, mechanical engineering, and transport, as highlighted by Mikhail Khachaturyan, an associate professor at the Financial University in Moscow.
The testing phase for the Mir system in Iran is slated to commence by the end of summer or early autumn, offering a viable alternative to international payment networks like Visa and Mastercard. This development follows Russia's strategic response to sanctions pressure, which saw the promotion of the domestic Mir system as a reliable payment solution following the imposition of sanctions in 2022, including restrictions on SWIFT access and international card networks.
Iran's resilience in navigating extensive international sanctions over decades has not gone unnoticed, with experts noting the potential for Russia to draw upon Tehran's experience in withstanding external pressures. Against this backdrop, the decision to introduce Mir cards in Iran represents a pragmatic step towards bolstering bilateral cooperation, particularly following Iran's recent inclusion in the BRICS economic group earlier this year.
Tatiana Monaghan, secretary general of the International Chamber of Commerce (ICC), lauded the move as a logical progression in advancing bilateral ties, emphasizing the potential benefits of leveraging Iran's integration into the BRICS framework. As both countries seek to diversify their economic partnerships and mitigate the impact of external pressures, the integration of Mir cards in Iran signifies a mutually beneficial stride towards greater financial connectivity and resilience in the face of geopolitical challenges.
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