Putin Announces 85% of CIS Trade Now Conducted in National Currencies
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Russian President Vladimir Putin’s announcement that more than 85% of trade within the Commonwealth of Independent States (CIS) now takes place in national currencies highlights a step toward greater financial independence.
This move is a part of the CIS’s larger initiatives to strengthen its financial infrastructure and lessen its dependency on imports and other foreign economic systems.
🚨⚡National currency settlements booming among CIS countries – President Putin
Today over 85% of all settlements between CIS countries are conducted in national currencies, and the share continues to grow. pic.twitter.com/EOzzFwmxYx
— RussiaNews 🇷🇺 (@mog_russEN) October 8, 2024
Putin Draws Attention to the CIS States’ National Currency Trade Boom
According to statements made by Russian President Vladimir Putin, more than 85% of trade between members of the Commonwealth of Independent States (CIS) now takes place in national currencies.
🇷🇺🇦🇲 Russian President Vladimir Putin meets PM Nikol Pashinyan of Armenia in the Kremlin, Tuesday.
⚡️ A meeting of the CIS Heads of State Council is underway at the Grand Kremlin Palace in Moscow. Before the summit, Vladimir Putin will hold several bilateral meetings.
👑 The… pic.twitter.com/HwBsngdy8O
— Real Global News (@FelastoryMedia) October 8, 2024
During his speech on October 8 at the CIS summit in Moscow, Putin stressed that member nations are collaborating to build financial infrastructures that can withstand outside influences.
He mentioned:
Mutual payments are increasingly using national currencies; among CIS members, their share of commercial transactions has already surpassed 85%.
Following the fall of the Soviet Union in 1991, many post-Soviet states came together to form the CIS. Russia, Belarus, Kazakhstan, Armenia, and many other nations make up its membership, which is dedicated to promoting political, military, and economic cooperation among the former Soviet governments.
Putin also emphasized the increasing trend of using national currencies, saying that it is still growing.
Furthermore, he highlighted Russia’s rapid success in lowering its dependency on imports, which has helped the country become technologically independent. Putin stated:
The import phase-out process is proceeding swiftly, strengthening our nation’s technological sovereignty.
His comments are in line with the larger initiatives of the CIS nations to lessen their reliance on outside assistance and foster regional economic cooperation.