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28 October 2020, 17:52

Glazyev: EAEU seeks to return capital to national jurisdictions

An archive photo
An archive photo

MOSCOW, 28 October (BelTA) - The Eurasian Economic Union should create conditions for the return of capital from offshore companies to national jurisdictions, member of the Board (Minister) for Integration and Macroeconomics of the Eurasian Economic Commission (EEC) Sergei Glazyev told the media on the sidelines of the EAEU business forum “Integration: Strategy for Advanced Development” on 28 October, BelTA has learned.

Sergei Glazyev stated that the EAEU monetary and financial system has nearly been established. “A concept for the development of the EAEU financial market has been developed and approved, and we have been guided by it for a year already,” he noted. “It provides for the establishment of a common financial regulator in the future if the member states deem it necessary, and the formation of a common financial market. This market is already operational. The only problem is that it is so open that a large number of transactions in our financial market are done from third countries: from offshore areas, from other jurisdictions. Our task is to make our financial market comfortable enough for mutual investment projects, for transactions in national currencies avoiding unnecessary transaction costs. In other words, our market depth should increase,” he added.

According to the EEC minister, the potential of the EAEU common financial market is enormous. “If we manage to create conditions for the return of capital from offshore companies to the countries of origin, the volume of our financial market will grow many times,” he is convinced. “We can do what we have to do. It depends on financial regulators, first of all, on the stability of exchange rates of national currencies, on the trust in our national currencies. This is a large area of ​​joint work,” he added.

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