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EAEU Plans To Abandon Mutual Payments In Dollars And Euros
December 4, 2014 23:59


The members of the Eurasian Economic Union (EAEU, incluing Russia, Belarus, Kazakhstan and Armenia) intend to abandon the mutual payments in dollars and euros.

This was written on Tuesday, December 2 by “Izvestia”. The transition to money settlements in national currencies of the member countries (Russian and Belarusian roubles, tenge and drams) is to be completed by 2025-2030. This follows from the draft concept of payment systems within the EAEU presented on November 28 in Kazan.

According to the Chairman of the Board of Directors of the National Payment Council (NPC) Aleksandr Murychev involved in the concept development, the document provides for creation of an infrastructure of common payment area for member states, which would make it possible to carry out mutual settlements through national payment cards. As for today, according to Murychev, about a half of the mutual payment transactions between countries EAEC account for US dollars and euros, which increases the dependence of organizations on other countries.

“For solving this problem it is necessary to successfully combine administrative measures and economic incentives” - the Head of the Board of Directors of the NPC stressed. On May 29, 2014 the presidents of Belarus, Russia and Kazakhstan signed an agreement on the Eurasian Economic Union (EAEU). Armenia joined it in early October. The the agreement will come to force from January 1, 2015. According to the Eurasian Economic Commission, in 2013 the total turnover between the member states of the Customs Union (the predecessor of the EAEU) amounted to 64.1 billion dollars, 50 percent of them were held in roubles, 40 percent - in dollars, 9.8 percent – in euros, about 1 percent - in other currencies.

Author: Anna Dorozhkina

Tags: Eurasian Economic Union Russia international    

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