In a significant step towards building a multipolar financial landscape, Russia’s Mir payment system has officially linked with Iran’s Shetab network, allowing seamless electronic transactions between the two countries. The connection, formalized in Tehran, now enables Iranian Shetab card users to conduct transactions in Russia, with plans to allow Russian Mir cardholders to use their cards in Iran soon.
A Shift Away from Dollar-Centric Systems
Russia launched the Mir system in 2015 to reduce dependency on Western-controlled payment systems like Visa and Mastercard, which faced restrictions in Russia due to U.S. and EU sanctions. Now, Mir’s expanding network includes interest from several countries, including Indonesia, Egypt, Thailand, India, Nicaragua, Mauritius, Nigeria, and Ethiopia, signaling a broadening alliance around alternative financial systems.
Building a New Global Financial Network
Paul Goncharoff, a financial analyst and head of Goncharoff LLC, describes these developments as part of a larger movement toward financial independence. “Alternative payment systems are forming a financial blueprint for a truly multipolar future,” Goncharoff notes, emphasizing the increasing desire among nations to create autonomous economic pathways.
This partnership between Russia and Iran also lays the foundation for easier currency conversions and transfers, enhancing economic collaboration. Mir’s expansion could serve as a model for other countries looking to build resilient, independent financial networks, particularly in regions such as BRICS, SCO, ASEAN, and ECOWAS.
