Russia’s Putin drafts bill to dump dollar, euro from CIS trade

A statement from the Kremlin said that Putin submitted to the State Duma a draft federal law which seeks an integrated currency market in the CIS.

“This would help expand the use of national currencies in foreign trade payments and financial services and thus create preconditions for greater liquidity of domestic currency markets,” said the statement.

Russian officials say they seek to drop the dollar and the euro from their exchanges with former Soviet Union countries to achieve macro-economic stability in the region. They say using Western currencies could seriously increase the risks associated with trade especially at a time when the United States and its European allies are in a political row with Moscow over the situation in Ukraine.

Full article: Russia’s Putin drafts bill to dump dollar, euro from CIS trade (Press TV)

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