Mishustin Proposes Accelerating Transition to EAEU National Currencies

Russian Prime Minister Mikhail Mishustin has proposed to accelerate the transition to national currencies in trade among member countries of the Eurasian Economic Union (EAEU). He made this announcement during the EAEU Intergovernmental Council meeting held in Minsk, the capital of Belarus.

“We propose to speed up the transition to our own international financial regulation mechanisms,” the head of the Russian government stated.

Mishustin also suggested expanding the practice of using national currencies in external trade transactions between EAEU member states and those countries that have proven to be reliable partners.

It is worth noting that on June 16, at the International Economic Forum in St. Petersburg, Armenia's Deputy Prime Minister Mher Grigoryan also emphasized the importance of increasing the share of national currencies in mutual trade within the EAEU. Grigoryan stated that the issue of mutual trade and currency is always on the EAEU agenda. According to him, even though the share of national currencies in this sector has increased, it still does not yield the desired results as the level of dependence on foreign currencies remains high, leading to significant costs.

According to the Armenian Deputy Prime Minister, these additional costs also spur inflation, significantly affecting the social sector.