Bank Melli owns all shares in Russia’s Mir Business Bank, Joint chamber says
Bank Melli Iran has acquired all shares of Russia’s Mir Business Bank, providing Iran with banking capacity in Russia, a member of the Iran-Russia Joint Chamber of Commerce said.
Reza Rafiei, speaking to Fars news agency, outlined the details of banking relations between Iran and Russia, saying Mir Business Bank is now a wholly Russian entity owned by Bank Melli Iran and operates under the rules and regulations of the Central Bank of Russia.
“The connection of SHETAB cards to Russia’s Mir network has enabled Iranians to withdraw rubles from ATMs, and letters of credit are also active,” he said. “This means banking relations have been upgraded and, contrary to what is believed, this channel is not blocked.”
However, he added that although Mir Business Bank provides services to Iranian traders, using the channel for financial transfers can become impractical when currency conversion rates and related processes are not economically viable for traders.
The monetary agreement between Iran and Russia became operational in January 2025, enabling the two countries to use their national currencies — the rial and the ruble — as the basis for trade settlement at agreed exchange rates in the commercial foreign exchange market.
Russia’s Mir card network was connected to Iran’s SHETAB banking network in November 2024. The first and second phases of the SHETAB-Mir payment system have already been completed.
During a visit to Russia’s Mir Business Bank in June, Central Bank of Iran Governor Abdolnasser Hemmati called for expanded banking cooperation with Russia.
Hemmati said the Russian bank had made significant progress in recent years and that measures taken by the institution could help complete supply chains and provide additional services to businesses in both countries.