Russia Monetary Union to Belarus and Kazakhstan

“Working side by side, it is easier to react to external financial and economic threats and to protect our joint market”, – said Putin after meeting with the leaders of these countries in Astana.

Earlier, Putin instructed the Central Bank of Russia and the government to define the future areas of integration in the monetary and financial sectors within the framework of the Eurasian Economic Union “with exploring the viability and feasibility of potentially creating a monetary union in the future.” This task of the head of the state should be carried out together with the central banks of the Member States of the EEU by September 1, 2015.

In late January, the President of Belarus, Alexander Lukashenko said that a single currency in the Eurasian Economic Union will not be developed any time soon. He also noted that not only the Russian ruble may become the union’s currency.

In 2014, the Eurasian Economic Commission (EEC) expressed the view that transitioning to a single currency within the Eurasian Economic Union (EEU) in order to form a single financial market in 2025 does not make sense. Difficulties with implementing a single currency within the Union were explained by the different reactions of national currencies and national economies to the external environment, and in particular, to the dynamics of the oil market.

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