Russia Proposes Expanding Trade in National Currencies Within the EAEU

Russia will propose discussing the expansion of trade in national currencies within the framework of the Eurasian Economic Union (EAEU). According to RBK, the issue of increasing the use of national currencies for mutual trade settlements will be discussed at the meeting of the Eurasian Intergovernmental Council, which will take place in Cholpon-Ata, Kyrgyzstan, on August 25 and 26.

The Minister of Economic Development, Maxim Reshetnikov, will present a report on this matter. A representative of Reshetnikov has stated that the minister will participate in the meeting as part of the delegation led by Russian Prime Minister Mikhail Mishustin, but did not clarify what issues will be discussed in the negotiations with representatives of EAEU countries.

The draft of Russian directives states that the share of national currencies in mutual settlements between EAEU countries was 74% in 2022. The lion's share of this is accounted for by the ruble. According to the Eurasian Economic Commission, in 2021, 71.5% of transactions were conducted in Russian currency, 26.2% in dollars and euros, while the currencies of other EAEU countries made up 1.4% in tenge and 0.2% in Belarusian rubles.