Iran and Russia are expected to complete the final phase of integrating their national banking payment systems within two months, a development that will allow Iranian travelers to make purchases in Russia using domestic bank cards, Iran’s Central Bank governor Abdolnaser Hemmati said.
Hemmati announced the timeline after arriving in Moscow on Tuesday, saying the third and final stage of connecting Iran’s Shetab interbank network with Russia’s Mir payment system is currently being implemented.
“With the completion of the third phase, our citizens traveling to Russia will be able to use their bank cards to make purchases,” Hemmati told reporters.
The banking integration project is part of broader efforts by Tehran and Moscow to expand financial cooperation and strengthen economic ties. Hemmati said economic, trade and banking relations between the two countries have continued to grow, while Iran is seeking to diversify trade corridors, broaden sources of goods supply and reduce reliance on a single mechanism for international financial settlements.
The Central Bank governor said his visit to Moscow is focused on discussions with Russian officials to deepen monetary and banking cooperation. He said the meetings are expected to address closer coordination between Iranian and Russian banks, increased use of letters of credit, improved systems for settling trade payments and stronger banking guarantee arrangements.
Hemmati also said Iranian authorities have provided financial support to domestic traders conducting business through Russia in recent months. He added that discussions with Iranian businesspeople and economic activists operating in Russia would focus on challenges affecting traders and Iranian nationals, including students.
The Shetab-Mir connection has been introduced in stages. The first phase, launched in November 2024, allowed Iranian travelers to access cash withdrawal and balance inquiry services at Russian ATMs through NFC-enabled mobile payment applications.
The second phase, launched in May 2025, enabled Russian tourists and business owners to make purchases in Iran through the country’s retail payment network.
The third phase, which is expected to become operational soon, will expand the system further by allowing Iranian citizens to make retail purchases at Russian point-of-sale terminals using mobile payment applications, in addition to services already available under the first phase.
Hemmati said the project was also designed to help Iranian students living in Russia by improving access to financial services. “The connection of the two banking networks is intended to help our students as well, enabling them to benefit from the capacities of this system,” he said.
The Iranian delegation visiting Moscow is holding talks aimed at increasing cooperation between the two central banks and creating new mechanisms to support bilateral economic exchanges. Iran’s ambassador to Russia, Kazem Jalali, is accompanying the delegation.
The Central Bank said the banking integration initiative is intended to facilitate monetary transactions, strengthen financial connectivity between Iran and Russia, reduce currency conversion and transaction costs, improve payment security, lessen dependence on cash and support tourism and domestic financial technology development.
