EAEU rules on common financial market to apply only to companies operating in multiple union countries - EEC board chairman
ST. PETERSBURG. Dec 22 (Interfax) - The rules for the common financial market agreed upon by the countries of the Eurasian Economic Union (EAEU) will apply only to companies operating in multiple member states, and regulation will remain national in all other cases.
The Supreme Eurasian Economic Council (SEEC) on Sunday approved the corresponding order on coordinating the legislation of the EAEU financial markets.
"Coordinated regulatory standards will be established by international treaties and will apply only to participants providing services in the common market. National rules will remain in place for companies operating exclusively domestically. This should ensure the stability of domestic markets and allow financial institutions to determine the geography of their services independently based on economic feasibility," Eurasian Economic Commission Board Chairman Bakytzhan Sagintayev said following the SEEC meeting.
Bakytzhan also said that the heads of state of the EAEU member countries at the SEEC meeting agreed on the procedure to transfer import customs, anti-dumping, and countervailing duties to the EAEU budget. "Union countries will be able to fulfill reciprocal obligations in both U.S. dollars and national currencies. The amendment will be enshrined in the relevant addendum to the treaty on the EAEU," Sagintayev said.
EAEU countries currently use the U.S. dollar for their budget payments, while Russia and Belarus have bilaterally agreed to redistribute payments in Russian rubles. A transition period will begin on June 1, 2026, allowing for payments in both dollars and national currencies. It will last until the procedure has been enshrined in the treaty on the EAEU and the central banks of the member states have concluded bilateral agreements on the transfer currency, the EEC said. As noted, the draft protocol on approving amendments to the EAEU treaty is at an advanced stage of readiness.
