Putin discusses Russia’s economy growth with ministersBusiness & Economy September 24, 2:38
Lavrov warns against partition of SyriaRussian Politics & Diplomacy September 23, 0:00
Lavrov calls to coordinate Russian, US military action in SyriaRussian Politics & Diplomacy September 22, 21:05
Lavrov blames Obama administration for souring Russia-US tiesRussian Politics & Diplomacy September 22, 20:41
Waging war on Korean Peninsula inadmissible, says LavrovRussian Politics & Diplomacy September 22, 20:36
Russian Northern Fleet completes drills in ArcticMilitary & Defense September 22, 18:01
OPEC and non-OPEC countries to continue talks on oil production cut dealBusiness & Economy September 22, 17:28
Russian pair figure skaters Kavaguti, Smirnov retire from sportSport September 22, 16:48
Record number of delegations register for St. Petersburg-hosted IPU AssemblyRussian Politics & Diplomacy September 22, 16:47
LONDON, November 13. /TASS/. The fall in oil prices should give a boost to economic integration of Russia, Kazakhstan and Belarus as well as other countries that may take part in this integration process, the Russian minister for integration and macroeconomics of the Eurasian Economic Commission said in London on Wednesday.
“Strange as it may seem, but I think the present political and economic situation will have a positive influence on the integration process,” Tatiana Valovaya said in comments on a TASS query about the influence of western sanctions against Russia and plunging oil prices on integration.
The minister spoke at the Russian Embassy in London, addressing business people, political analysts and journalists.
She told them about the process of Eurasian economic integration and the activity of the Eurasian Economic Commission, a regulatory agency of the Customs Union and Common Economic Space of Russia, Kazakhstan and Belarus.
Valovaya said she believed the common market countries could compensate for a decline in currency receipts from oil exports through the development of mutual trade with the use of their own currencies, avoiding “an excessive use” of international currencies.
She said a bid to give up on dollars and euro in mutual trade was not planned as "counter-sanctions" against the West, but was caused by pragmatic considerations.
Although the past three years have not been successful for the global economy, Eurasian integration has been motivating economic growth for the Customs Union member countries, Valovaya said.
They have “practically doubled the amount of internal trade” over this time, reducing the share of mineral commodities in it. It has declined from 40% to 33% since 2010, the minister said.