EAEU reduces the use of the dollar in mutual settlements to 21 percent: Russia

New Delhi: The use of the dollar in mutual settlements of the EAEU countries decreased to 21 percent of the total volume of transactions, while payments in national currencies reached about 75 percent, Russia’s Deputy Foreign Minister Alexander Pankin said in an interview with the media.

“Increasing the share of national currencies in mutual settlements has been on the EAEU’s agenda since its inception. During this time, payments in national currencies between the countries of the Union have reached around 75 percent of the total volume of transactions, and the use of the dollar has decreased to 21 percent,” Pankin said.

Pankin added that the events of recent months have shown the extreme unreliability of the dollar. “Washington virtually seeks to monopolize the sphere of international payments. All this prompted us to intensify work on the creation of alternative and reliable mechanisms,” the diplomat continued. “In this regard, the necessary financial infrastructure is being formed within the EAEU to expand the practice of using national currencies by business participants,” he added.

Member states of the EAEU include Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. The key objectives of the organization are to increase cooperation and economic competitiveness for the member states, and the promotion of stable development in order to raise the standard of living in member states.

(Vinayak)