Share of settlements in national currencies between Russia, EAEU reaches 93%

Dmitry Volvach noted that the share of settlements in national currencies between Russia and Belarus is more than 95% and in settlements with the CIS countries it is 91%

The share of transactions in national currencies between Russia and the EAEU countries (Armenia, Belarus, Kazakhstan and Kyrgyzstan) has reached a record 93%, Deputy Minister of Economic Development Dmitry Volvach said in an interview at the Russia-Islamic World forum in Kazan.
“If in 2015 the share of the ruble and other national currencies was about 70% in settlements with our partners in the EAEU, then by the end of last year we reached a record 93%,” Volvach said.
He noted that the share of settlements in national currencies between Russia and Belarus is more than 95% and in settlements with the CIS countries it is 91%.
He added that this happened due to the growth of the Russian Federation’s trade rates by an average of 7% with both the EAEU and the CIS countries. The volume of trade with the commonwealth countries exceeded 10 trillion rubles ($124 bln).
“It is impossible to artificially force participants in foreign economic activity to switch to one currency or another, which means that national currencies are in demand and serve our trade turnover well. Another important achievement was the growth in demand for currency pairs of national currencies of partner countries with the Russian ruble. This is a good foundation for further growth. All the economies are growing at a good rate, which helps to strengthen the single economic space and attracts external partners as a barrier-free market for goods and services in the center of Eurasia,” Volvach concluded.
The 16th International Economic Forum “Russia – Islamic World: KazanForum” is underway from May 13 to 18 in Kazan. The main theme of the Forum in 2025 is ‘Digitalization: New Reality and Additional Opportunities for Expanding Cooperation’. Representatives of more than 100 countries have confirmed their participation in the forum. TASS is the general information partner of the event.