Iran and Russia have linked their payment systems, Mir and Shetab, so they can deal using their currencies instead of the US dollar. This is a step toward de-dollarization in the face of US sanctions.
Iran and Russia’s payment methods work together without problems. This means local currencies can be used for trade and deals instead of the US dollar. People think this is a reaction to the dollar and the SWIFT payment system being used as weapons.
Mir and Shetab Integration Marks Major Step in De-Dollarization
The Russian Mir payment system and the Iranian Shetab are now working together, and trade is done in both rials and rubles. The head of Iran’s Central Bank said Iran was ready to start a joint banking institution with other BRICS countries. This change is part of a larger trend among countries that want to deal with each other without using the US dollar as much.
People have discussed the news on social media. “Russia and Iran launched their payment systems ‘Mir’ and ‘Shetab’ in perfect harmony,” said a Twitter user. They will no longer use the dollar but instead use their currency.
Also, Apocalypseos, a Twitter user, said, “Iran and Russia finished integrating their national payment systems, which means they no longer use the US dollar for trade.”
People see this move away from the US dollar in trade between Iran and Russia as a big step toward de-dollarization. US economic sanctions have made it harder for both countries to use the dollar in foreign transactions, which is why they are taking this step.
