(MENAFN) Russian Prime Minister Mikhail Mishustin announced on Friday that the Eurasian Economic Union (EAEU) has made significant strides in reducing dependency on the United States dollar and euro, with national currencies now accounting for 90 percent of mutual settlements among member countries. The EAEU, formed in 2015 and comprising Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan, has been actively working towards de-dollarization as part of its efforts to strengthen economic sovereignty.
Addressing the EAEU Intergovernmental Council, Mishustin highlighted the notable economic achievements within the union. In the first 11 months of 2023, the GDP of the EAEU expanded by approximately 3.5 percent, while industrial production saw an impressive gain of almost 4 percent, and retail turnover surged by more than 6 percent. These positive economic indicators underscore the success of the union in promoting economic cooperation and integration.
As trade among EAEU member countries continues to flourish, there has been a concerted effort to minimize reliance on international currencies, particularly the dollar and euro, in favor of increased use of national currencies for mutual settlements. Russian President Vladimir Putin has been a vocal advocate for such a shift, emphasizing the need to create a common payment system free from the influence of the dollar.
The progress in de-dollarization within the EAEU not only reflects a commitment to economic sovereignty but also signals a move towards greater financial independence and stability among member nations. The continued development of regional economic strategies, coupled with the promotion of national currencies in cross-border transactions, positions the EAEU as a notable player in the evolving landscape of international trade and finance.
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