Over the next ten years, the Eurasian Economic Union will phase out use of the dollar and euro
This article originally appeared at ukraina.ru
The Federation Council and the State Duma have supported the idea of establishing a common payment system that would involve Russian and Belarusian rubles, the Kazakh tenge and the Armenian dram
Members of the Eurasian Economic Union will stop all mutual payments in dollars and euros by 2025-2030, and they will replace these currencies with their respective national currencies, newspaper Izvestia writes.
Alexander Murychev, the vice president of the Russian Union of Industrialists and Entrepreneurs, said this would be made possible by establishing a common payment system for EAEU member countries, including the Russian electronic card system, as well as the currently operational BelCard and Armenian Card systems.
"The creation of a common EAEU payment system will call for introducing a system of multi-currency operations or a common currency unit. At the same time, it is necessary to tell national banks to exclude the US dollar and the euro from interstate payments," Murychev said.
Natalia Burykina, the chairperson of the State Duma Committee on the Financial Market, stressed that the initiative to introduce national currency payments and to stop using the dollar and the euro was logical because this is implied by the creation of a common EAEU economic space.