Russia is going through a difficult time. Sanctions pressure is intensifying, there is a need to establish cooperation with countries that have been under restrictions for several decades. During this time, the governments of the disgraced states have developed effective measures that will help build a vector of development in a different direction.
The leader is Iran, which has been under sanctions for almost half a century. The state independently developed and implemented its own payment system “Shetab”. In the future, it was implemented and connected to the ATM network in the UAE, Kuwait, Bahrain. At the moment, Armenia, Turkey and China have joined the financial structure of Iran.
Russia announced the introduction and distribution of its own payment system “Mir” back in 2014. The country was preparing to disconnect the banking system from Swift. However, this moment came only in February 2022. Mir made it possible to react to the sanctions measures almost painlessly.
According to the online payment site in Iran, pay98.cash, the integration of two payment systems “Mir” and “Shetab” is an event that was announced in March this year. The process develops gradually. A decision was made on mutual settlements in the national currency, the introduction of individual financial instruments. The corresponding statement was made by Deputy Prime Minister of the Russian Federation Alexander Novak. A program has begun, according to which an algorithm is being developed for mutual settlements between legal entities and organizations. The agreement was reached between the members of the intergovernmental commission of the two states. Joint efforts will make it possible to carry out integration in this direction in a short time. Details and timing of the implementation of the system were not disclosed. It is only known that the negotiations are in an active stage. The process has been launched, in the near future the Mir payment systems will work in Iran. On the part of Russia, the work of “Shetab” in the country is guaranteed.
What will the integration of national payment systems give iran and Russia?
The unification of the two financial systems can reduce the effects of sanctions through the development of cooperation between countries. This approach will increase trade, create opportunities for oil and gas supplies, and launch investments in the energy sector. At the same time, cooperation is protected from the risks of influence of the international banking system.
The states will be able to strengthen relations, simplify financial transactions and achieve a positive effect in the economies of the two countries. Resistance to restrictive measures on the part of Western partners will be strengthened. Practical interaction is aimed at easing external pressure and developing relations without influence from Europe. Long-term cooperation between Iran and Russia will benefit both countries. States will be able to identify the factors of competition, sign memorandums of cooperation, and move away from the destructive plans of the West.
The alliance between Tehran and Moscow is created in the face of a common threat. Therefore, the goals and objectives are the same. Countries will be able to exchange established ways to circumvent sanctions, import consumer goods under bypass schemes. Long-term projects are aimed at developing political relations, exchanging experience in the field of science, space and technology. But the most priority advantage in the development of cooperation is a cohesive struggle against sanctions.
