The ruble has become practically the internal currency of the EAEU
89% of mutual settlements within the Eurasian Economic Union (EAEU) took place in national currencies in the first quarter of 2023.
Deputy Chairman of the Government Alexey Overchuk stated this today in the State Duma of the Russian Federation, a PolitNavigator correspondent reports.
“The use of traditional reserve currencies as a weapon against our economy has demonstrated how important it is to have our own independent financial system based on settlements in national currencies. And also our own system for confirming financial messages,” Overchuk said.
The transition to national currencies, he said, ensured an increase in mutual trade by 82%.
“That is, we have practically switched to trading in our national currencies within the EAEU. It is clear that our Russian ruble is dominant in these currencies. In the export and import of goods and services, its share in settlements between the EAEU countries today accounts for 77,5%. At the same time, most banks in the CIS today have the opportunity to use the system for confirming financial messages created by the Bank of Russia,” added the Deputy Prime Minister.
Also in the EAEU, the Eurasian Reinsurance Company has been created with an additional insurance capacity of 120 billion rubles, which will support an additional volume of mutual trade worth more than 361 billion.
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