Critical Observer

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<span style="font-family: inherit;">Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries. </span><span style="font-family: inherit; line-height: 1.4em;">This means the creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries of the former Soviet Union.</span></div>
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<span style="font-family: inherit;"><em style="margin: 0px; padding: 0px;">“This would help expand the use of national currencies in foreign trade payments and financial services and thus create preconditions for greater liquidity of domestic currency markets”</em>, <a href="http://en.kremlin.ru/acts/news/50190" style="background: transparent; color: #044faa; margin: 0px; padding: 0px; text-decoration: none;">said</a> a statement from Kremlin.</span></div>
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<span style="font-family: inherit;">The bill would also help to facilitate trade in the region and help to achieve macro-economic stability.</span></div>
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<span style="font-family: inherit;">Within the framework of the Eurasian Economic Union (EEU) the countries have also discussed the possibility of switching to national currencies. According to the agreement between Russia, Belarus, Armenia and Kazakhstan, an obligatory transition to settlements in the national currencies (Russian ruble, Belarusian ruble, dram and tenge respectively) must occur in 2025-2030.</span></div>
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<span style="font-family: inherit;">Today, some 50 percent of turnover in the EEU is in dollars and euro, which increases the dependence of the union on countries issuing those currencies.</span></div>
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<span style="font-family: inherit;">Outside the CIS and EEU, Russia and China have been trying to curtail the dollar’s dominance as well.</span></div>
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PUTIN: DUMP THE US DOLLAR

Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries. ...

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