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Eurasian Economic Union

Russia should become local financial hub for Eurasian Economic Union states — official

"Financial infrastructure of Moscow and Russia is highly developed. Therefore [the task is] to have a local hub and gradually increase its share and influence," the official says

© Valeriy Sharifulin/TASS

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Kazakhstan’s ruling party calls for integration with EAEU, stronger ties with Russia

KRASNOYARSK, February 19. /TASS/. Russia should become a local financial hub for the Eurasian Economic Union (EAEU) member-states and has the sufficient infrastructure to do so, Deputy Finance Minister Maxim Oreshkin said on Friday at the Krasnoyarsk Economic Forum.

"We need to turn into a local financial hub at the least, the financial hub for the EAU nations," Oreshkin said. "Financial infrastructure of Moscow and Russia is highly developed. Therefore [the task is] to have a local hub and gradually increase its share and influence," the official said.

If currency unions are simultaneously accompanied by fiscal and banking unions, this may result in a major unbalancing, Oreshkin added, citing problems the Eurozone is facing as an example.

EAEU members at present are Russia, Belarus, Kazakhstan, Armenia and Kirgizia.

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