Xinhua recently reported that the bank payment systems of Iran and Russia were officially connected on November 11th, and that “the two countries have taken an important step towards strengthening the trend of ‘de-dollarization.'”
Reportedly, there will be a three-phase rollout of Iranian-Russian banking relations. In the first phase, Iranians will be able to use Iranian bank cards in Russia and withdraw rubles from Russian ATMs. In the second phase, Russian citizens in Iran will be able to use Russian bank cards to withdraw Iran’s currency (the rial) at Iranian ATMs. In the third phase, Iranians will be able to use their bank cards to make purchases in Russian stores.
Mohammad Reza Farzin, governor of the Central Bank of Iran, said that this banking cooperation is “an important step for the two countries to reduce their dependence on the U.S. dollar and promote bilateral economic cooperation.” Last year, the two countries reached an agreement not to use U.S. dollars in bilateral commercial activities but rather to conduct direct transactions in their own currencies.
Source: Xinhua, November 13, 2024
http://www.news.cn/world/20241113/e2afcbb8c3e745b28bba7ca6eff85b9a/c.html