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EAEU reduces use of dollar in mutual settlements to 21% — Russian Foreign Ministry

Payments in national currencies reached about 75%, Russia’s Deputy Foreign Minister Alexander Pankin said

MOSCOW, August 20. /TASS/. The use of the dollar in mutual settlements of the EAEU countries decreased to 21% of the total volume of transactions, while payments in national currencies reached about 75%, Russia’s Deputy Foreign Minister Alexander Pankin said in an interview with TASS.

"Increasing the share of national currencies in mutual settlements has been on the EAEU’s agenda since its inception. During this time, payments in national currencies between the countries of the Union have reached around 75% of the total volume of transactions, and the use of the dollar has decreased to 21%," Pankin said.

He added that the events of recent months have shown the extreme unreliability of the dollar. "Washington virtually seeks to monopolize the sphere of international payments. All this prompted us to intensify work on the creation of alternative and reliable mechanisms," the diplomat continued. "In this regard, the necessary financial infrastructure is being formed within the EAEU to expand the practice of using national currencies by business participants," he added.