Iran and Russia have implemented a bilateral currency agreement to settle trade using their national currencies, according to the governor of Iran's Central Bank.

“The currencies of the two countries have been settled based on the agreed market exchange rate for trade,” Iran’s state media quoted Mohammad-Reza Farzin as saying in Moscow on Friday.

Farzin also highlighted progress in integrating the Russian Mir and Iranian Shetab card payment networks, saying that the first phase of the project has been launched.

The joint action plan between the central banks of Iran and Russia, Farzin added, has been implemented under three main areas: the use of national currencies in trade, connecting the banking and local messaging systems of the two countries and linking their card payment networks.

It was unclear if the development was related to an Iranian-Russian comprehensive strategic partnership agreement signed on Friday by Russian President Vladimir Putin and his Iranian counterpart Masoud Pezeshkian.