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Putin Wants  to Dump USD
World Economy

Putin Wants to Dump USD

Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries, RT reported. This means the creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries of the former Soviet Union. “This would help expand the use of national currencies in foreign trade payments and financial services and thus create preconditions for greater liquidity of domestic currency markets”, said a statement from Kremlin. The bill would also help to facilitate trade in the region and help to achieve macro-economic stability. Within the framework of the Eurasian Economic Union, the countries have also discussed the possibility of switching to national currencies. According to the agreement between Russia, Belarus, Armenia and Kazakhstan, an obligatory transition to settlements in the national currencies must occur in 2025-2030. Today, some 50% of turnover in the EEU is in dollars and euro, which increases the dependence of the union on countries issuing those currencies.

 

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