Iran-Russia Bank Card Alliance Launched

Iran and Russia have successfully linked their banking systems, allowing Iranian bank cards to be used in Russia, as reported by state television. This move is seen as a strategic effort to counter the impact of sanctions on Iran.

Since 2018, Iranian banks have been excluded from the SWIFT financial messaging system, which is essential for most global transactions. This exclusion was part of the broader sanctions re-imposed on Iran following the US's withdrawal from the 2015 nuclear deal. The new partnership enables Iranian citizens to access their funds and make transactions in Russia using their local bank cards. Recently, state television demonstrated the successful withdrawal of funds from an ATM in Russia using an Iranian bank card.

This development is a significant step in strengthening economic ties between Iran and Russia, as both countries work to bypass international sanctions. The connection of their banking systems will help boost bilateral trade, streamline financial transactions, and foster greater economic cooperation.