From now on, trade between two old-established trade partners Russia and Iran will proceed without the greenback. According to Mohammad Reza Farzin, Iran’s Central Bank Governor, Moscow and Tehran have fully abandoned the US dollar in their mutual settlements. This is another landmark step in the worldwide de-dollarization campaign.

Iran’s Central Bank chief referred to financial agreements between the top-level policymakers who enabled this development. Mohammad Reza Farzin emphasized that Russian-Iranian settlements would be made on the grounds of an agreed-upon market-based floating exchange rate. “We are working with each other in rials and rubles,” he added.

Besides, Farzin announced that Russian Mir payment cards will become operational in Iran and accepted at local ATMs starting from January 2025. Furthermore, as of March 20, they will be usable in most Iranian stores. He also highlighted that Iran's local payment system, Shetab, is now technically linked to Russia’s Mir system. This integration allows Iranian citizen to use their domestic cards at Russian banks.

Nowadays, the Mir card is accepted in Russia, Belarus, Abkhazia, Armenia, Azerbaijan, Tajikistan, Kazakhstan, Cuba, Vietnam, Venezuela, and South Ossetia. Additionally, Russian travellers can use the Chinese UnionPay system during international trips. Remarkably, UnionPay operates in 154 countries.