In the most recent attempt to evade sanctions, Russia and Iran connected their banking systems, allowing Iranian bank cards to be used in Russia, according to official media.
The SWIFT international financial messaging service, which oversees the great bulk of transactions globally, has prohibited Iranian institutions from participating since 2018.
The action is one of several penalties that were reinstated against Iran following the US withdrawal from a historic nuclear agreement in 2015.
State television network IRINN announced on Monday that Iranian bank cards are now accepted in Russia, demonstrating how to take money out of an ATM there with an Iranian bank card.
According to the channel, linking Iran’s interbank network Shetab to its Russian counterpart Mir allowed for the operation.
It further stated that Iranians would eventually be able to use their cards to pay for in-store purchases in addition to being able to withdraw money in Russia at the moment.
“The plan will also be implemented in other countries, such as Iraq, Afghanistan, and Turkey, that have extensive financial and social ties with Iran,” the statement stated.
Russia and Iran have both attempted to mitigate the impact of sanctions on their respective economies.
Moscow has been under increasing sanctions since the beginning of Russia’s invasion of Ukraine in 2022, and its relations with Tehran have also become closer.
