Putin urges CIS countries to make payments in national currencies

Russian president says payments in national currencies will facilitate reciprocal investments, expand capital market of regional bloc, deepen economic integration.

Putin urges CIS countries to make payments in national currencies

Russian President Vladimir Putin on Thursday urged the countries of the Commonwealth of Independent States (CIS) to make payments in national currencies. 

Speaking at the CIS leaders’ summit in Kazakhstan’s capital Astana, Putin said the regional organization came a long way over the last 30 years, and justified its position as a reputable group based on principles of good neighborliness, partnership, mutual benefit, and consideration of each other's interests.

Its member countries managed to save, and in some ways, even to increase social, humanitarian and cultural ties, the Russian leader added.

Putin also said the economic cooperation has been expanding despite sanctions, as the trade volume grew up by 30%, or $96 billion, last year and by 7%, or $46 billion, in the first half of 2022.

The CIS intensified efforts on replacing import, strengthening technological and financial sovereignty, including through payments in national currencies, he said.

“This (payments in national currencies) makes it possible, regardless of external factors, to expand commodity exchanges, make reciprocal investments, expand our own capital market, and therefore deepen continental economic integration,” Putin said.

The CIS is a regional organization which was formed after the dissolution of the Soviet Union in 1991 by its former members to encourage cooperation in economic, political and security affairs.