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Single EEU currency to be electronic

Single currency was proposed to be used for cross-border settlements between the countries of the Eurasian Economic Union. The initiative of the National Payments Council was approved by the Ministry of Finance of Russia. Deputy Minister Alexey Moiseev told Izvestia newspaper.

According to him, the introduction of electronic money in the Eurasian Economic Union will facilitate mutual settlements in terms of sanctions. He explained that the single currency would resemble the ECU, which was used in Europe before euro.

As envisioned by the National Payments Council, the single currency of the EEU, which includes Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia, will be only electronic. It is planned to be used exclusively for clearing or offsets when trading within EEU, explained Alma Obaeva, Chairwoman of the Board of the Payments Council.

The new currency will not turn into traditional money.

«The exchange rate of the single currency will depend on the rates of national currencies of EEU countries and on the contribution of each country to the total trade turnover of the union. The Deputy Finance Minister Alexey Moiseev also noted that the ministry would work out possible options for the implementation of the initiative,» the report says.