General

Iranian Deputy Foreign Minister Mehdi Safari announced on the 27th that the Russian MIR payment system will be introduced into Iran.

Iran and Russia are largely excluded from international payments transactions by international sanctions, the report said. Foreigners wishing to invest in Iran often have to carry large amounts of cash with them when traveling to Iran. Many Russian financial institutions are now excluded from the Society for Worldwide Interbank Financial Communication (SWIFT). Iran, which has also been sanctioned due to disputes over its nuclear program, has been similarly affected.

According to reports, Russian President Vladimir Putin just visited Iran not long ago. Iran's Supreme Leader Ayatollah Ali Khamenei stressed at the time that Iran and Russia need to jointly resist Western sanctions. Khamenei also called for weakening the dollar's status as an international currency.