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Value of commodity exchange between Iran, Russia hits USD1.5B in 7 months
(MENAFN) The value of non-oil trade between Iran and Russia reached USD1.5 billion in the first seven months of the current Iranian calendar year (March 20-October 21), according to Mohammad Rezvanifar, the former head of the Islamic Republic of Iran Customs Administration (IRICA). This places Russia as the fifth-largest trade partner of Iran among its neighboring countries during the mentioned period. Over recent years, both nations have been actively working to enhance their bilateral trade relations, aiming for greater economic cooperation.
A significant step in their growing economic ties occurred on November 11 when Russia’s Mir payment network and Iran’s Shetab payment system were successfully integrated. This milestone marks a substantial increase in the financial cooperation between the two countries, as they both work toward completing the de-dollarization process and strengthening economic and tourism links. The connection of the two national payment systems is expected to eliminate the barriers to electronic payments between the two countries, creating new opportunities for economic and cultural exchanges.
Central Bank of Iran Governor Mohammad-Reza Farzin highlighted the importance of this integration, describing it as a major advancement toward regional economic cooperation. Farzin emphasized that the project, which has been developed in three phases, will facilitate financial transactions between Iranian and Russian citizens. The first phase, launched at the end of September, allows Iranian tourists to use their Shetab cards in Russian ATMs, enabling them to withdraw rubles from ATMs while their Shetab card balance is deducted in rials.
This development signifies the start of a new chapter in the economic relationship between Iran and Russia, making financial transactions more accessible for citizens of both countries. As more phases of the project unfold, it is expected to further streamline the movement of funds and foster deeper economic and cultural ties between the two nations.
A significant step in their growing economic ties occurred on November 11 when Russia’s Mir payment network and Iran’s Shetab payment system were successfully integrated. This milestone marks a substantial increase in the financial cooperation between the two countries, as they both work toward completing the de-dollarization process and strengthening economic and tourism links. The connection of the two national payment systems is expected to eliminate the barriers to electronic payments between the two countries, creating new opportunities for economic and cultural exchanges.
Central Bank of Iran Governor Mohammad-Reza Farzin highlighted the importance of this integration, describing it as a major advancement toward regional economic cooperation. Farzin emphasized that the project, which has been developed in three phases, will facilitate financial transactions between Iranian and Russian citizens. The first phase, launched at the end of September, allows Iranian tourists to use their Shetab cards in Russian ATMs, enabling them to withdraw rubles from ATMs while their Shetab card balance is deducted in rials.
This development signifies the start of a new chapter in the economic relationship between Iran and Russia, making financial transactions more accessible for citizens of both countries. As more phases of the project unfold, it is expected to further streamline the movement of funds and foster deeper economic and cultural ties between the two nations.
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