Need for a Unified Payment System Announced in the EEU

The Eurasian Economic Commission (EEC) has announced the necessity of creating a unified payment system, which aims to issue a common card linking the BRICS and EAEU countries. This was stated by the EEC press service to the Izvestia newspaper.

"Systematic work is being carried out in the EEC towards forming a common financial market, and significant progress has been made in this regard. Work is being conducted in three sectors: banking, insurance, and the securities market," the publication noted.

The press service added that the main direction of the work is the creation of a common stock exchange space, so a roadmap for the project is currently being developed. Moreover, an agreement was signed last year between the member countries of the union regarding the regulation of information exchange on credit histories. Thus, by 2025, conditions for the free movement of capital may be established within the EAEU.

The EEC also noted that a supranational body may be created to regulate the financial market. Additionally, the project may also interest partners from BRICS (Brazil, Russia, India, China, South Africa).