Eurasian Economic Union set to abandon dollar, euro — reports

The EEU countries could switch to national currencies in mutual payments by 2025-2030, the chairman of the board of directors of Russia’s National Payment Council, told the Izvestia newspaper

MOSCOW, December 2. /TASS/. Transactions in dollars and euros could be banned within the member-states of the Eurasian Economic Union (EEU) — Russia, Belarus, Kazakhstan and Armenia, the Izvestia newspaper reported on Tuesday.

The EEU countries could switch to national currencies (ruble, Belarusian ruble, Kazakhstani tenge and Armenian dram) in mutual payments by 2025-2030, the chairman of the board of directors of Russia’s National Payment Council, Alexander Murychev told the newspaper.

“It is necessary to raise a question before the national banks of the member-states on excluding the US dollar and the euro from interstate payment transactions,” said Murychev, detailing a concept for the EEU development, which was unveiled during a meeting in Kazan on Friday.

The new concept envisages that the EEU member-states should create a joint payment space allowing carrying out transactions with due regard to the compatibility of national card systems, including BelCard (Belarus), Armenian Card (Armenia) and their Russian counterpart, which is currently under development.

Eurasian Economic Union

The Eurasian Economic Union (EEU) is a new integration association, which will start functioning from January 1, 2015 instead of the Eurasian Economic Community (EurAsEC), which officially ceased to exist on October 10. The EEU members are currently Russia, Belarus, Kazakhstan and Armenia. Kyrgyzstan is expected to join the union soon.

The EEU accounts for one fifth of the world’s gas reserves and around 15% of oil.

Full article: Eurasian Economic Union set to abandon dollar, euro — reports (ITAR-TASS)

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