Iran and Russia activated the second phase of their joint banking integration, enabling Russian tourists and cardholders to use NFC-based mobile payments in Iran via the Shetab-Mir network, bne IntelliNews reported.
The move, announced on 13 May during a ceremony at Tehran’s Central Bank of Iran (CBI), marks a strategic step to circumvent US sanctions and reduce reliance on Western financial infrastructure.
CBI Governor Mohammad Reza Farzin underscored the system’s independence from global networks like SWIFT, stating Iran’s SEPAM platform can now interface directly with Russia’s Financial Message Transfer System (SFPS).
Through the SEPAM system, we can connect with any country’s banking messaging platform without relying on SWIFT.
Farzin emphasised that the project proceeds independently of ongoing US-Iran nuclear talks in Muscat. The integration allows Iranian and Russian banks to process transactions and letters of credit without third-party intermediaries.
Four Iranian banks have already adopted the system, with more expected to join ahead of a planned August rollout for national currency trade. The first phase, launched in November 2024, permitted Iranian tourists to withdraw rubles from Russian ATMs.
Farzin revealed Iran’s pending application to join the BRICS New Development Bank (NDB), with a decision anticipated at the bloc’s next assembly. The Shetab-Mir project aligns with broader efforts to cement alliances within the BRICS framework, particularly with Russia. Iranian Ambassador Kazem Jalali claimed the network would aid over 10,000 Iranian students in Russia, though independent verification remains pending.
