De-Dollarization Process Led by Russia almost Complete: Report
TEHRAN (Tasnim) – The Eurasian Economic Union’s (EAEU) de-dollarization process has almost been completed.
The share of the national currencies in mutual settlements among the countries of the Russia-led trade bloc has reached 90% and is still growing, Russia’s prime minister said on Friday.
The Eurasian Economic Union (EAEU), which is based on the Customs Union of Russia, Kazakhstan, and Belarus, was established in 2015, and was later joined by Armenia and Kyrgyzstan.
In 2016, Vietnam became a free trade partner of the EAEU. The union is designed to ensure the free movement of goods, services, capital and workers among member countries, he added.
Mikhail Mishustin made the comments while addressing a meeting of the EAEU Intergovernmental Council.
During his remarks, he highlighted that in the first 11 months of 2023, gross domestic product (GDP) of the EAEU grew by approximately 3.5%, while industrial production gained almost 4%, and retail turnover rose by more than 6%, RT reported.
As trade within the EAEU continues to grow, member countries have been reducing the use of the dollar and euro and instead turning more to national currencies in mutual settlements.
Russian President Vladimir Putin has called on the member states to create a common dollar-free payment system with the aim of “boosting economic sovereignty.”
