Dollar nearly eliminated from Russia and Eurasia trade
According to webangah News agency, Dmitry Volvach, Russia’s Deputy Minister of Economic Progress, stated during an interview at the “Russia-Islamic World” forum in Kazan that national currencies now account for 93% of trade settlements between Russia and Eurasian Economic Union members (Armenia, Belarus, Kazakhstan, and Kyrgyzstan).
volvach noted: “while ruble and other national currencies comprised about 70% of settlements with our EEU partners in 2015,this figure reached a record 93% by the end of last year.”
The official emphasized that national currency settlements exceed 95% in Russia-Belarus trade and stand at 91% for Commonwealth of independant States (CIS) transactions. This shift follows an average 7% growth in Russia’s trade volume with both blocs.
Trade with CIS countries has surpassed 10 trillion rubles ($124 billion), Volvach revealed. He added: “We cannot artificially force foreign economic actors to use specific currencies – this demonstrates that national currencies are genuinely demanded and effectively serve our commercial circulation.”
“Another key achievement is growing demand for currency pairs involving the Russian ruble and partner nations’ currencies,” Volvach continued. “This creates a solid foundation for further growth. all these economies are expanding at healthy rates,strengthening a unified economic space that transforms our region into an attractive barrier-free market for goods and services at Eurasia’s core.”
the sixteenth “Russia-Islamic World: KazanForum” international economic forum runs from May 13-18 in Kazan under the theme “Digitalization: New Reality & Expanded Cooperation Opportunities,” with delegates from over 100 countries attending.
