TABNAK, Aug, 18: Ilyas Zaripov, Russian Assistant Professor, Head of Islamic Finance Education Program called the monetary deal between Iran and Russia as a motivation to expand bilateral trade exchanges.
“The deal is a successful experience and in case it is accepted by BRICS current members as well as other countries trying to join the economic bloc, it could act as a framework to unite BRICS banking systems and make 40 percent of the world population united in financial transactions mechanism,” he told IRNA.
He further said that Tehran-Moscow monetary agreement is regarded as a defense shield for payments between the two sides against sanctions.
However, according to the Russian expert, BRICS members need at least two years to reach an agreement on new payment system mechanism.
In July, monetary contract was signed between Tehran and Moscow for carrying out bilateral trade exchanges.
Earlier chief bankers of Iran and Russia signed a memorandum of understanding (MOU) on joint measures to be taken by the two countries for the expansion of economic and monetary ties and trade in local currencies.
Based on agreements between the specialized delegations of the two countries, Iran’s Shetab banking system will link Russia’s MIR interbank system by the end of August.
The new scheme would allow Iranian nationals to take ruble from Russian ATMs using their Iranian banking cards.
In April 2024, the Iranian Foreign Ministry announced that the project to use Mir cards had entered the implementation stage. In May 2022, Russian Deputy Prime Minister Alexander Novak said that the countries were discussing how to connect the Mir and Shetab payment systems.
