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Eurasian Economic Union

Introducing single currency in EAEU so far unrealistic — Russian Deputy Foreign Minister

"Increasing the share of settlements in national currencies, in foreign national currencies is a more serious issue. Work is underway on this issue," Alexander Pankin said

MOSCOW, June 29. /TASS/. The introduction of a single currency within the framework of the Eurasian Economic Union (EAEU) is unrealistic at the moment, Russian Deputy Foreign Minister Alexander Pankin said on Thursday.

"It is unrealistic at the moment. But increasing the share of settlements in national currencies, in foreign national currencies is a more serious issue. Work is underway on this issue," Pankin said.

Earlier in March Assistant Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission (EEC) Fedor Chernitsyn said that introducing a single currency within the Eurasian Economic Union (EAEU) is possible in future, but its member states are not ready yet.

EAEU was created by Russia, Kazakhstan and Belarus with the goal to facilitate the movement of goods, services, labor and capital and to conduct coordinated economic policies. The organization began its work on January 1, 2015. Later, Armenia and Kyrgyzstan confirmed their membership in the organization.

Although the EAEU agreement does not directly envisage introducing a single currency, member states commit themselves to shaping a common macroeconomic policy.

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Eurasian Economic Union

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