Putin announced plans to expand payments in national currencies between CIS countries
Russia, during its presidency of the Commonwealth of Independent States (CIS) in 2024, intends to work with partners in the organization to expand settlements in national currencies. Russian President Vladimir Putin announced this on Tuesday, December 26, at the informal CIS summit in St. Petersburg.
“In the past year, trade turnover between our countries has shown steady growth. According to data for 10 months, it increased by 2% compared to the same period last year and amounted to $83.7 billion,” the head of state shared.
In addition, he noted that work with Commonwealth partners will continue in favor of “an active transition in mutual settlements to national currencies.” According to the president, this will make it possible to more reliably ensure the economic and financial sovereignty of countries.
“In a constructive manner, we will try to build joint work on maintaining security and stability in our common Eurasian region, in the fight against terrorism and extremism, cross-border crime and drug trafficking, and corruption,” the Russian leader said.
The summits of the Supreme Eurasian Economic Council and the CIS countries are taking place on December 25 and 26 in St. Petersburg.
Earlier, on December 25, Putin said that the share of national currencies in trade within the EAEU exceeded 90%. According to him, it will only grow in the future.
On December 22, the Central Bank of the Russian Federation reported that from the beginning of the year to October, the share of “toxic” currencies in the Russian Federation’s payments for exports decreased by almost half - from 48.6 to 24.7%. As Digital Broker analyst Natalya Pyryeva said, the place of the dollar and euro in calculations is actively occupied by the currencies of friendly countries. Their share in revenues has more than doubled since the beginning of the year and reached 37%. At the same time, the yuan occupies the largest part of it - according to the Central Bank, by October it accounted for 33% of all payments for exports.
Prior to this, on December 14, during the “Results of the Year”, the Russian President pointed out that the more Russia uses the national currency in economic financial calculations, the better, since this increases the sovereignty and capabilities of the country.
On December 8, Moscow Exchange Managing Director Vladimir Krekoten told Izvestia that more than 30 banks and brokers from friendly countries on the government list are in the process of gaining access to currency trading in Russia.
