Iran, Russia to complete integration of banking networks within two months: Central Bank chief

Iran and Russia are expected to complete the third and final phase of integrating their national banking payment systems within the next two months, a move that will allow Iranian travelers to make purchases in Russia using domestic bank cards, the governor of Iran's Central Bank says.

Speaking upon arrival in Moscow on Tuesday, Abdolnaser Hemmati said the final stage of linking Iran’s Shetab interbank network with Russia’s Mir payment system is currently being implemented.

“With the completion of the third phase, our citizens traveling to Russia will be able to use their bank cards to make purchases,” Hemmati told reporters.

Hemmati further stated that economic, trade and banking relations between Iran and Russia have continued to grow, adding that Tehran is seeking to diversify its trade corridors, broaden sources of goods supply and reduce reliance on any single mechanism for international financial settlements.

He also noted that Iranian authorities have provided financial support to domestic traders conducting business through Russia in recent months, describing the current situation as positive.

The central bank governor further said his visit to Moscow is focused on discussions with Russian officials to deepen bilateral monetary and banking ties.

What to expect from Iran, Russia linking of banking systems

The official operation of interbank communication and transfer systems established between Iran and Russia marks a milestone in economic cooperation between the two nations.

He expressed hope the meetings would lead to closer cooperation between Iranian and Russian banks, including greater use of letters of credit (LCs), improved mechanisms for settling trade-related payments, and enhanced banking guarantee arrangements.

Asked whether Iranian students residing in Russia would benefit from efforts to ease financial transactions, Hemmati said the Shetab-Mir integration project was designed in part to address such needs.

“The connection of the two banking networks is intended to help our students as well, enabling them to benefit from the capacities of this system,” he said.

Hemmati added that meetings with Iranian businesspeople and economic activists operating in Russia would also address challenges facing traders and Iranian nationals, including students.

Iranian Central Bank chief arrived in Moscow on Tuesday leading a delegation for talks aimed at deepening monetary and banking ties between Iran and Russia.

According to the Central Bank, the Moscow visit is part of broader efforts to deepen financial cooperation and strengthen banking ties between the two countries. The talks are expected to cover measures to facilitate monetary transactions, enhance cooperation between the two central banks and establish new mechanisms to increase bilateral economic exchanges.

Iran’s ambassador to Russia, Kazem Jalali, is accompanying the delegation.

Russians can use Mir cards for payments in Iran: Official

An Iranian central bank official says Russians can now use their Mir cards for payments inside Iran.

The banking integration project has been implemented in stages. Under the first phase, launched in November 2024, Iranian travelers gained access to cash withdrawal and balance inquiry services at Russian ATMs through NFC-enabled mobile payment applications.

The second phase, unveiled in May 2025, enabled Russian tourists and business owners to make purchases in Iran through the country's retail payment network.

The third phase, expected to become operational in the near future, will allow Iranian citizens to conduct retail purchases at Russian point-of-sale terminals using mobile payment applications, in addition to the services already available under the first phase.

The project will facilitate trade, reduce currency conversion and transaction costs, improve transaction security, lessen dependence on cash, strengthen international financial connectivity, support tourism growth and promote the development of domestic financial technology infrastructure.

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