EAEU could conduct 85 percent of transactions in national currencies, official says

June 20, BPN. Eurasian Economic Union (EAEU) member states conduct 74 percent of trade transactions in national currencies, but that proportion could be taken to 85 percent, Michaił Miasnikovič, chair of the Eurasian Economic Commission, told TASS.

He noted that Armenia, Kazakhstan, and Kyrgyzstan should increase settlements in national currencies from 30 to 50 percent at present.

Miasnikovič also said that contract prices should be set in national currencies and suggested establishing separate commodity exchanges.

In April, Belarus switched to Russian rubles in settlements for Russian natural gas.

The EAEU is an international organization of regional economic integration. Its member states include Belarus and Russia, which are under international sanctions for the assault on Ukraine, as well as Kazakhstan, Kyrgyzstan and Armenia. Cuba, Moldova, and Uzbekistan have observer status. Vietnam, Serbia, and Singapore have signed free trade agreements with the EAEU.