Iranian media: Iran and Russia's banking payment systems officially connected.

Xinhua News Agency, Tehran, November 12 (Reporting by Chen Xiao and Shadati) Iran's Islamic Republic News Agency recently reported that Iran and Russia's bank payment system officially docking on the 11th, which marks a key step in strengthening economic cooperation and promoting currency diversification between the two countries.

According to the report, the docking of the payment systems of the banks of the two countries is being carried out in steps. In the first phase, Iranian residents will be able to use their bank cards in Russia and withdraw rubles at Russian ATMs. After entering the second phase, Russian citizens in Iran can use Russian bank cards to withdraw rials at ATMs in Iran. The third phase aims to enable Iranian residents to make purchases in Russia using their national bank cards.

Iran's Fars news agency also reported Farzin's speech at the ceremony, saying that the cooperation is of great significance for the two countries to reduce their dependence on the US dollar and promote bilateral economic cooperation.

In December, the governor of the Central Bank of Iran and the governor of the Central Bank of Russia met in Russia and reached an agreement to no longer use the US dollar in their business transactions, but to settle directly in their respective countries' currencies to reduce dependence on the US dollar, IRNA reported earlier.