Trade between Russia, CIS countries above $110 bln — Russian Ambassador
⟶ Trade between Russia and Commonwealth of Independent States (CIS) countries has exceeded $110 billion. A significant portion, up to 90%, of these transactions are being settled using national currencies.
Russian Ambassador to Tajikistan Semyon Grigoryev highlighted that up to 90% of settlements are carried out in national currencies
Background
The Commonwealth of Independent States (CIS) is a regional organization formed in the aftermath of the dissolution of the Soviet Union. It aims to foster cooperation among its member states in various fields, including economics and security. The increased use of national currencies in trade settlements can be seen as a move towards reducing reliance on major international currencies.
Why it matters
This development indicates a growing trend of de-dollarization or de-euroization within the CIS economic bloc. It reflects a strategic shift by member nations to strengthen their own currencies and potentially insulate themselves from the economic policies and fluctuations of Western economies.
Possible impact
This could lead to increased economic integration and resilience within the CIS region. For international markets, it might signify a broader challenge to the dominance of the US dollar and the Euro in global trade settlements.