In May 2022, Russia and Iran held talks on combining popular payment systems in their own countries. A discussion was held and a decision was made on the full approval of the national currency during settlements as well as the combination of payment systems. The two sides also discussed the possibility of regular supply of oil, gas and various investments in the oil and gas industry project. This was because commodity turnover between these countries increased by 10% in the first quarter. But the main theme of these discussions was to create comfortable payment conditions between individuals, legal entities, various companies and create appropriate processes for mutual settlements. According to the Website of the Iranian Payment System P98 https://pay98.cash/ there was an agreement that settlements would take place in national currencies, discussing common and operating systems for transferring all financial transactions as well as combining two well-known systems for paying Mir and Shetab. It was checked.
The world is a well-known and safe system common in Russia and Shetab is popular in Iran. Mir maps and other systems are not accepted in Iran. That's why the two sides discussed the possibility of financial institutions joining the main system used to transfer financial transactions, and Russia's analogue of Swift's international payments.
Since March, all international payments made on MasterCard and the visa system have been stopped to work in the Russian Federation. Cards provided by banks continued to function in the country until the end of their credit period in standard mode. But cross-border payments are not available on them, as for spending money abroad, and paying for goods in various converted stores. That's why Russia and Iran decided to combine two popular systems to simplify mutual settlements in currency.
Why do Russia and Iran need to unite national payment systems?
Countries began to converge, so because of the pressure of sanctions they decided to combine proven systems that were strongly felt in Russia. Iran decided to cooperate strongly with Russia because it suffers from sanctions and has been living under serious restrictions for more than 40 years. Boycott partners have decided to consolidate systems used in their countries, which should make their lives easier in such limited circumstances. They believe it will be an effective and useful forum that will simplify the lives of governments and help boost the economies of countries.
It is worth noting that tough sanctions have long been imposed on Iran, so it decided to strengthen ties with Russia and reach a new level. For this reason, it is necessary to facilitate all settlements in the corporate sector and settle individuals. It is the unity of payment systems that greatly simplifies this task. Connecting these systems is a logical procedure due to the growing trade. Iran is in demand for many goods produced in Russia, and vice versa. Russia buys goods manufactured in Iran. These are textiles, carpets and many agricultural products. Tourism can also be developed.
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