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“Through the SEPAM system (electronic financial messaging system), we can connect with any country’s banking messaging platform without relying on SWIFT,” Farzin stated.
Call for NBD membership
The CBI chief highlighted Iran’s recent diplomatic focus on strengthening ties with BRICS members — particularly Russia — and regional nations through cultural and economic partnerships.
“No trade or economic relationship can thrive without robust monetary and banking linkages,” he asserted.
The Central Bank governor noted, “We began engaging with BRICS three years ago and have formally applied to join the BRICS New Development Bank (NDB). This will soon be announced at the bank’s assembly.”
He underscored that the Mir-Shetab connectivity project reflects a “shared commitment to expanding Iran-Russia trade and economic relations.”
This initiative is part of a broader bilateral cooperation package, initially launched by linking the two nations’ financial networks.
“This allowed us to eliminate SWIFT from Iran-Russia transactions and later expand brokerage relations. Today, we have strong ties with major Russian banks,” Farzin explained.
Subsequent steps included establishing direct financial channels, culminating in a monetary agreement between Iran and Russia. “Implementing this required advanced technologies and took considerable time,” he added.
The first phase of the Shetab-Mir integration was unveiled on November 11, 2024, enabling Iranian tourists to withdraw rubles from Russian ATMs. Farzin at the time noted that the project is divided into three phases, with Phase One launching in early August, 2024). Four Iranian banks have already adopted the system, four others completed successful trials, and remaining banks will gradually join.
Shetab-Mir integration benefits 10K students
Meanwhile, Iran’s Ambassador to Russia Kazem Jalali emphasized in a video message that the linkage of payment systems would significantly benefit over 10,000 Iranian students in Russia.
“Iranians can now withdraw rubles via Shetab cards in Russia, and Russian Mir cards will soon be activated in Iran,” he said.
Jalali confirmed that specialized banking working groups have convened in Tehran and Moscow, with relations set to accelerate this year.
“The Central Bank’s efforts are progressing well, and monetary and banking hurdles between the two nations will be resolved this year,” he concluded.