Iranian bank cards now usable in Russia as banking networks link to counteract sanctions

Iranian bank cards are now operational in Russia, as the two countries link their banking systems in a joint effort to circumvent Western sanctions, according to Iranian state television. 

This connectivity was achieved by integrating Iran’s Shetab interbank network with Russia’s Mir system, enabling Iranians to withdraw cash at Russian ATMs, with future plans to facilitate in-store purchases.

The move follows Iran’s exclusion from the SWIFT global financial messaging service in 2018, after the United States re-imposed sanctions by exiting the 2015 nuclear agreement. 

Iran’s state broadcaster showed footage of an Iranian bank card being used at a Russian ATM, signaling a new level of financial access for Iranians in Russia.

In addition to cash withdrawals, the plan may expand to other nations with strong financial and social links to Iran, such as Iraq, Afghanistan, and Turkey. 

Both Iran and Russia have been tightening their cooperation to mitigate economic impacts from sanctions. 

Russia, under intensified sanctions since its 2022 invasion of Ukraine, has grown closer to Tehran, with the two countries signing a banking cooperation deal in June.

The Iranian broadcaster also announced that Russians will soon be able to use their bank cards in Iran, though no specific date was provided. 

Moscow, facing similar SWIFT restrictions, has advocated for an international payment system to bypass the Western-dominated platform.