Iran and Russia boost trade and bank transactions via a monetary agreement

Iran + Russia sign MoU to facilitate trade in local currencies: Tehran and Moscow have signed an agreement to allow both countries to trade in their local currencies and facilitate transactions through their respective banking systems, IRNA reports. The agreement looks to integrate Iran’s Shetab banking system with Russia’s MIR interbank system by the end of next month to enable Iranian nationals to withdraw rubbles from Russian ATMs using their Iranian cards. A later stage of the plan will allow Russians to use their cards at Iranian ATMs.

REMEMBER- Iran inked an MoU in May with Russia’s Tatarstan province to boost trade, exchange information, and facilitate visits by delegations.