Al-Monitor | Maziar Motamedi: Russia is reportedly making preparations to establish a regional integrated payment network. Iran understandably wishes to join such an endeavor. But what will such a network look like, what will its implications be for Iran and the region, and how will it be received by other countries, especially the United States?

The news of the apparent Russian initiative was first publicized by Aboutaleb Najafi, the CEO of Informatics Services Corporation, an executive arm of the Central Bank of Iran (CBI) that was established in 1993 to create and operate Iran's comprehensive banking automation system and payment networks. Najafi did not disclose many details, while media coverage in Russia has been scant. But both sides have previously attested to the necessity of gradually moving away from the US dollar and dealing in national currencies. Other countries such as Turkey have also been named as potential partners to join such an initiative.

According to an official at the CBI with knowledge of the issue who spoke to Al-Monitor on condition of anonymity, joining a Russian payment network means that a significant portion of the need to employ physical banknotes will be eliminated, which will be a major benefit for Iran.

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