The Ministry of Foreign Affairs announced a reduction of up to 21% in mutual settlements in dollars by the EAEU countries

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Deputy Foreign Minister Pankin: the use of the dollar in mutual settlements by the EAEU countries has fallen to 21% %

The use of the dollar in mutual settlements between the countries of the Eurasian Economic Union (EAEU) has decreased to 21% of the total volume of transactions, while payments in national currencies have reached about 75%. This was stated by Deputy Foreign Minister of Russia Alexander Pankin in an interview with TASS.

“The issue of increasing the share of national currencies in mutual settlements has been on the agenda of the EAEU since its inception. During this time, payments in national currencies between the countries of the Union reached about 75% of the total volume of transactions, and the use of the dollar decreased to 21%,— he said.

According to the Deputy Minister, the creation of the financial system of the multipolar world is an irreversible process. “Against the background of the growing geopolitical pressure of the“ collective West ” the only way to guarantee the stability of trade, economic and investment ties between Russia and its partners is to avoid the use of “toxic” currencies, primarily the US dollar and the euro,— he stressed.

The EAEU includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The observer countries of the Union are Moldova, Uzbekistan and Cuba.

In mid-March, the head of the Russian Ministry of Economic Development Maxim Reshetnikov announced the agreement of the EAEU members on a phased transition to mutual settlements in national currencies

Earlier, Russian President Vladimir Putin said that confidence in the US dollar was dealt a serious blow. He attributed this to the decision of Western countries to freeze about $300 billion of Russian foreign exchange reserves. “A serious blow has been dealt to the entire global economy and trade, to confidence and to the American dollar as the main reserve currency,” — noted by the head of state.

At the end of 2021, Russia received 54.5% of export earnings in dollars (in 2014 — 76%) and paid for 35.8% of imports in dollars (in 2014 — 39.7%), follows from the data of the Bank of Russia

Read on RBC Pro Pro What are circadian rhythms and how they will help you become more productive Articles Pro How the ruble reached equilibrium and how long it will last Articles Pro How much to pay an IT specialist and what specialists to assemble a basic team of Pro instructions Just do not change anything: why conservatism is justified in design Articles Pro Joints hurt: how to prevent it and how to treat it Articles Pro Have pharmaceutical companies managed to make money on the pandemic Articles Pro How brands go to the point of absurdity in texts about themselves Instructions Pro Why there are no such striking logos as Coca-Cola in Europe Articles < p>In the June review of the global economy, experts from the HSE Faculty of World Economy and World Politics also pointed to the beginning of global de-dollarization. In their opinion, the freezing of the reserves of the Bank of Russia as part of the sanctions pressure “created a significant precedent for the loss of confidence of the countries of the world (especially developing countries) in the US dollar.” Based on geopolitical considerations, other countries of the world have also increased the share of reserves in alternative currencies except Russia— Israel, China, Turkey, Chile, etc., the review says.

Other experts, including those interviewed by RBC, allowed the dollar to lose its dominant position, but not in the next perspective and subject to a number of fundamental conditions. According to them, the only contender to replace the dollar as the dominant currency is the yuan, but this will require a decision by China to make its currency more transparent— The PRC has not yet shown such readiness.

In the United States, on the contrary, it was noted that in July the dollar strengthened against other currencies after falling against the backdrop of strong economic growth in the country, the actions of the Federal Reserve System on interest rate hikes and capital inflows.

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