CIS Nations Shift Trade to Local Currencies
The CIS currently consists of nine full members: Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Moldova, and Uzbekistan. Ukraine and Turkmenistan remain participants, though Kiev has been moving to cut ties with the bloc.
During an informal CIS gathering in St. Petersburg on Monday, Putin highlighted that the robust trade volume among member nations demonstrates effective cooperation. He noted that Russia’s commerce with the group reached nearly $90 billion in the first nine months of the year.
Putin emphasized, “The share of national currencies in settlements for commercial transactions between countries of the Commonwealth has already exceeded 96%.”
In recent years, Russia has accelerated its reliance on local currencies in both regional and global trade. This trend has gained traction among developing countries, particularly after Western nations imposed sweeping sanctions on Moscow over the Ukraine conflict. These measures effectively excluded Russia from the dollar- and euro-based financial systems, further encouraging the pivot away from Western currencies.
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