The BRICS member states are currently discussing Iran's proposal to integrate their national payment systems within the group, according to Russian Deputy Foreign Minister Andrei Rudenko.
In an interview with TASS, Rudenko elaborated, “Various options, including Iranian ones, are under consideration to connect the financial markets of the BRICS countries, transfer settlements to national currencies, and introduce new mechanisms of mutual settlements.” This discussion follows Tehran's suggestion to integrate the payment systems of BRICS countries, similar to the integration of Russia's Mir and Iran's Shetab systems.
Rudenko stressed that a key aspect of enhancing BRICS' financial sovereignty is the creation of an independent and sanctions-resistant payment and settlement infrastructure. However, he noted that discussions regarding Iran's initiative are ongoing and it is "premature to talk about the final parameters."
On July 4, Chairman of the Central Bank of Iran Mohammad Reza Farzin met with Elvira Nabiullina, the Head of the Central Bank of Russia, in St. Petersburg. Following these talks, Farzin announced on July 6 that the integration of the Russian payment system Mir and Iran's Shetab had been completed. An agreement was also signed to provide liquidity to national currencies for commercial transactions.
Starting August 22, Iranians will be able to withdraw rubles using Shetab smart cards at all Russian ATMs. Future stages of the project will enable Russians to use Mir cards in Iran, and Shetab cardholders to make purchases with Iranian bank cards in Russian stores.
GSV "Russia - Islamic World"
Photo: Russian Foreign Ministry
Based on materials from TASS