Putin Urges EAEU To Reduce Risks Created By Use Of Foreign Currencies

Russian President Vladimir Putin said on Monday that the Eurasian Economic Union (EAEU) should prioritize reducing the risks emanating from the use of foreign currencies and payment systems in mutual trade and consider connecting to the Russian-made alternative

MOSCOW (UrduPoint News / Sputnik - 23rd January, 2023) Russian President Vladimir Putin said on Monday that the Eurasian Economic Union (EAEU) should prioritize reducing the risks emanating from the use of foreign currencies and payment systems in mutual trade and consider connecting to the Russian-made alternative.

The EAEU includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.

"The urgent task is to consistently reduce the economic risks that the use of foreign currencies and payment systems creates for mutual trade. We believe that an indispensable condition for stable settlement relations within the Union is the connection of partners to the Financial Messaging System of the Bank of Russia and the development of intersystem interaction of national payment systems," Putin said in a statement published by the Kremlin.

The Russian president also urged the EAEU to prioritize the development of technological potential.

"Obviously, one of the most important strategic priorities for joint work should be the development of the technological potential of EAEU member countries and their true independence and self-sufficiency in this area.

We suggest uniting our efforts in the development and implementation of advanced scientific and technical solutions in leading sectors of the economy," the statement said.

Among the key economic sectors the Russian president listed the automotive and chemical industries, transport engineering, microelectronics, aircraft industry, shipbuilding, pharmaceutics, digital ecosystems, alternative energy, agricultural engineering, biotechnology and seed production.

Putin said the harmonization of financial markets would create favorable conditions for member countries to remain within the EAEU. He also suggested exploring the possibility of establishing a Eurasian rating agency that would provide assessment tools for servicing the growing economic activity in the region.