3 Feb, 2024 05:31
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Russia-led trade bloc’s de-dollarization almost complete
The share of national currencies in the EAEU’s trade currently amounts to 90%, according to Russian Prime Minister Mikhail Mishustin
Russia-led trade bloc’s de-dollarization almost complete
© Getty Images / Steven Puetzer
The share of national currencies in mutual settlements among the countries of the Eurasian Economic Union (EAEU) has reached 90% and is still growing, Russian Prime Minister Mikhail Mishustin revealed on Friday.
The EAEU, which is based on the Customs Union of Russia, Kazakhstan, and Belarus, was established in 2015, and was later joined by Armenia and Kyrgyzstan. In 2016, Vietnam became a free trade partner of the EAEU. The union is designed to ensure the free movement of goods, services, capital and workers among member countries.
The Russian prime minister made the comments while addressing a meeting of the EAEU Intergovernmental Council. During his remarks, he highlighted that in the first 11 months of 2023, GDP of the EAEU grew by approximately 3.5%, while industrial production gained almost 4%, and retail turnover rose by more than 6%.
As trade within the EAEU continues to grow, member countries have been reducing the use of the dollar and euro and instead turning more to national currencies in mutual settlements. Russian President Vladimir Putin has called on the member states to create a common dollar-free payment system with the aim of “boosting economic sovereignty.”
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