EAEU to switch gradually to settlements in nat'l currencies, begins forming single ruble zone

MOSCOW. March 18 (Interfax) - The member countries of the Eurasian Economic Union (EAEU) have agreed on a phased transition in customs settlements to national currencies, with the majority of settlements to be rendered in rubles.

The respective countries discussed the issue the previous day before during a meeting of the Council of the Eurasian Economic Commission (EEC), Russian Economic Development Minister Maxim Reshetnikov said on the Rossiya 24 channel.

"The very important issue discussed was the matter of mutual settlements in rubles. In other words, the duties that each country receives are then split into a certain proportion set by union agreement, and they respectively go into the budgets of the respective countries. Previously, all this occurred in a foreign currency, and we have currently agreed on a phased transition to settlements in national currencies," Reshetnikov said.

"Naturally, it is very important for Russia to receive and split the bulk of the duty, and that the settlements be in rubles, meaning that in this way, we have begun to form a single ruble zone," Reshetnikov added.