Iran will join the Mir banking system in a few months (Iranian Ministry of Finance)

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The Mir banking system is the Russian alternative to SWIFT, an open way to curb Western sanctions.

  • The Russian bank card Mir.

The Banking and Insurance Department of Iran’s Finance Ministry said on Tuesday that Iran could join the Mir payment system within months of the conclusion of talks between Tehran and Moscow – this, according to Qorban Eskandari, the head of the department, could be in the very near future.

According to Eskandari, however, talks on Mir between the two countries are limited to bilateral financial relations and countries that have access to Mir banking services.

Launched in 2017, Mir is a Russian banking system, meaning both “peace” and “world” in the language. With the current Western measures to isolate Russia, Iran, Cuba and other countries from the SWIFT banking system, friendlier alternatives have proliferated in an effort to counter economic hegemony and aggression. of the West.

South Korea and Turkey, in addition, have also joined Mir, and several former Soviet republics benefit from its services. The UAE is also considering joining Mir in the future.

Last month, Iranian Foreign Ministry officials announced that they would soon start accepting Mir cards for transactions. The development of economic ties came amid growing reports that Tehran and Moscow were working to expand economic ties to fight US sanctions.

On July 23, Iran’s Bureau de Change (ICE) launched a currency matching system that allows exporters and importers to make payments in Iranian Rial and Russian Ruble.

Last February, Russian banks were excluded from the SWIFT interbank payment system by decision of the European Commission and its allies. The maneuver was aimed at hitting the country’s banking network and its access to funds via SWIFT, which is essential for the smooth running of money transactions around the world.

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