According to China Global Television Network's (CGTN) article published on October 11, 2022, the bank card networks of Iran and Russia will be "hopefully" connected within the next few months, Iran's Minister of Economic Affairs and Finance Ehsan Khandouzi said Monday, according to Iranian news website Hamshari Online.
"Good negotiations have been held between the Iranian and the Russian central banks, and I hope that the connection between the banking networks, as well as the connection between the networks of theMir bank cards, will take place within the next two to three months," Khandouzi was quoted as saying.
The connection of the banking networks of Iran and Russia will make it easier for economic operators to do business, and tourists can also use this banking network, he said.
In 2014, Russia introduced the Mir payment system – a national system for credit and debit cards – to reduce its dependency on foreign financial infrastructure.
Cuba, South Korea, Vietnam and several former Soviet republics accept Mir. However, Türkiye withdrew from the payment system in mid-September after the U.S. said that sanctions would be applied against financial institutions supporting the Mir payment network outside Russia, Russian media Sputnik News reported in October.
U.S. payment firms Visa Inc. and Mastercard Inc. have suspended operations in Russia and their cards issued in Russia have stopped working abroad, according to Reuters.
