Members of the BRICS economic bloc are discussing Iran’s proposal to link all their national payment systems within the group’s framework, Russian Deputy Foreign Minister Andrey Rudenko revealed in an interview with TASS this week. He noted Tehran’s suggestion to integrate the payment systems of BRICS countries, similar to the integration of Russia’s Mir and Iran’s Shetab electronic banking and automated payment systems. Rudenko was quoted as saying:

Various options related to integrating financial markets of the BRICS members, [such as] payments in national currencies and new mechanisms of mutual financial settlements — including [those suggested] by Iran — are now being considered.

Rudenko emphasized that establishing a clearance and payment infrastructure independent and resilient to sanctions would significantly enhance the financial sovereignty of BRICS. However, Iran’s initiative remains under discussion, and it is premature to define any final parameters, the Russian diplomat clarified.

Central Bank of Iran Governor Mohammadreza Farzin and Bank of Russia Governor Elvira Nabiullina met earlier this month in St. Petersburg to integrate the Mir and Shetab payment systems. This integration seeks to facilitate trade using national currencies, thereby reducing reliance on the U.S. dollar and countering U.S. sanctions. A monetary contract signed on July 6 allows the use of local currencies in trade, enhancing financial cooperation, economic resilience, and reducing dependence on Western financial systems.

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