Iran, Russia link bank card systems in latest move to overcome sanctions

Iranian bank cards can now be used in Russia, state television reports, as the two countries link their banking systems in the latest bid to counteract sanctions.

Iranian banks have been excluded since 2018 from the SWIFT international financial messaging service, which governs the vast majority of transactions worldwide. The move is part of a raft of sanctions that were re-imposed on Iran after the United States withdrew from a landmark 2015 nuclear deal.

Iranian bank cards can now be used in Russia, state television channel IRINN says, showing the withdrawal of money using an Iranian bank card from an ATM in Russia.

The operation was made possible by connecting Iran’s interbank network Shetab to its Russian equivalent Mir, the channel says.

Iranians can currently withdraw money in Russia, and will in the future be able to use their cards to pay for in-store purchases, it adds.

“The plan is also going to be implemented in other countries that have a wide range of financial and social interactions with Iran, for example Iraq, Afghanistan and Turkey,” it says.

Both Iran and Russia have sought to counteract the effects of sanctions on their economies.