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07 October 2022, 16:12

Putin calls for faster transition to national currencies in mutual trade in CIS

Vladimir Putin. An archive photo courtesy of TASS
Vladimir Putin. An archive photo courtesy of TASS

ST PETERSBURG, 7 October (BelTA) – President of Russia Vladimir Putin spoke in favor of a more vigorous transition to national currencies in mutual transactions inside the Commonwealth of Independent States at an informal CIS summit in St Petersburg, BelTA has learned.

Vladimir Putin stressed that economic cooperation between the CIS countries is expanding. In his words, Russia's trade with the CIS states increased by over 30% to $96 billion in 2021 and by another 7% in H1 2022. “I am convinced that more vigorous transition to national currencies in mutual transactions between the CIS states will allow amplifying such positive trends. Actually we've been doing it for many years already. And not because of some fleeting political situation. On the whole it will contribute to the enhancement of sovereignty of our states, to the development of the domestic capital markets, and to tighter regional economic integration,” he said.

Vladimir Putin remarked that the informal summit would touch upon problems relating to the ensuring of security in the CIS space. “Because in addition to Ukraine where truly tragic events are happening, regretfully, conflicts sometimes happen between other close countries of the post-Soviet space. There is no doubt that it is necessary to work out measures to resolve those conflicts,” he said.

In his words, it is also important to exchange opinions about the promotion of cooperation in fight against terrorism and extremism, crimes, illegal turnover of narcotics, and corruption.

As he welcomed participants of the meeting, Vladimir Putin remarked that they represent countries, which are the closest friends and allies of Russia due to a huge number of circumstances and historical reasons. “We are connected by relations of genuine strategic partnership with them. We are intent on working together with them to build cooperation in the spirit of good neighborhood, mutual benefits, and accommodation of each other's interests. Such informal meetings of CIS leaders in Russia's northern capital are becoming a good tradition and allow exchanging opinions about the matters that are most topical for all of our countries in a calm and friendly setting,” the Russian president said.

In particular, Vladimir Putin mentioned the possibility of comparing notes ahead of the annual full-fledged session of the CIS Heads of State Council, which is due in Astana next week. “The Kazakh presidency has submitted truly important matters of integration interaction in politics, economy, and humanitarian affairs to the session's agenda. As usual a respectable package of joint documents is being prepared for approval,” he said. “Certainly during the current meeting and at the Astana summit we will pay close attention to further advancement of trade and investment partnership within the framework of the Commonwealth of Independent States. We will think about ways to invigorate the joint work to bolster the stability of all our economies, in particular, by enhancing bilateral and multilateral manufacturing cooperation ties, by ensuring technological sovereignty.”

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