Foreign Ministry announced a reduction in the use of the dollar in mutual settlements of the EAEU to 21%
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The use of national currencies in mutual settlements of the countries of the Eurasian Economic Union (EAEU) has reached 75% of the total volume of transactions, while payments in dollars account for only 21%, informed TASS Deputy Head of the Russian Ministry of Foreign Affairs Alexander Pankin.
According to him, an increase in the share of national currencies in mutual settlements has been discussed in the EAEU since the beginning of its work.
“During this time, payments in national currencies between the countries of the Union reached about 75% of the total volume of transactions, and the use of the dollar decreased to 21%,” Pankin said.
The deputy foreign minister believes that the dollar has shown its unreliability in recent months, and the United States “is trying to monopolize the sphere of international payments.”
“All this prompted us to intensify work on the creation of alternative and reliable mechanisms,” the diplomat said.
At the same time, in his opinion, it is premature to discuss the complete abandonment of the dollar within the EAEU, since individual countries of the Union “most likely will use it in cases where it is appropriate and safe.” At the same time, Pankin says, Russia’s partners “are aware of the risks of dependence on the dollar and are interested in promoting their currencies.”
The EAEU consists of five countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan and the Russian Federation. In early April, Prime Minister of Belarus Roman Golovchenko said that Belarus plans to pay off with Russia for oil and gas supplies in rubles this year, since it is economically beneficial for Minsk. In May, representatives of the two countries signed agreement on payment for gas in Russian rubles.
The Russian Ministry of Finance is also interested in the economic consequences of switching to settlements in national currencies with the countries of the Shanghai Cooperation Organization. Recently, the department posted on the public procurement website an application for a scientific study of this issue.
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