Opening the informal CIS summit at Konstantinovsky Palace, the Russian president underscored Moscow’s strategic focus during its 2024 CIS presidency on strengthening economic links within the Commonwealth and pushing for greater use of national currencies in trade. The emphasis comes as a practical push to diversify settlement currencies, reduce reliance on any single international system, and boost financial sovereignty among member states. The remarks reflect a broader, long-term plan to facilitate smoother cross-border transactions, support local financial institutions, and align energy, agricultural, and industrial commerce with currency diversification goals. These steps are framed as enhancing stability, reducing exposure to external shocks, and encouraging more autonomous economic pathways across the Commonwealth.
“Last year, trade turnover between our countries showed steady growth,” the speaker noted, highlighting that bilateral commerce rose by about 2 percent for more than ten months and reached a value of roughly 83.7 billion dollars. This figure signals resilient demand across a wide range of sectors and demonstrates the potential for continued expansion as mutual investments deepen and logistical barriers are lowered. The message from Moscow is clear: sustained progress in trade volume will be paired with pragmatic reforms that accelerate the transition to national currencies in mutual agreements, a shift designed to reinforce economic sovereignty and financial autonomy across the Commonwealth.
Prior to these statements, the leader spoke at a meeting of the Eurasian Supreme Economic Council, where officials observed a substantial milestone in the Eurasian Economic Union: more than 90 percent of intra-EAEU trade was conducted in national currencies. The trend toward local-monetary settlement underscores a shared commitment to reducing exposure to external currency fluctuations and to cultivating a more resilient regional market. The discussions translated into a practical roadmap that envisions closer cooperation on monetary policy coordination, standardized trade documentation, and the harmonization of customs and tax regimes to support currency-based trade surges.
In a broader context, the discussions at Konstantinovsky Palace further illuminate how the Commonwealth’s economic strategy is evolving in response to regional developments, global shifts in trade finance, and the growing interest in regional payment systems. The emphasis on currency diversification is coupled with a commitment to strengthen financial infrastructure, improve credit access for small and medium-sized enterprises, and enable more predictable pricing for cross-border goods and services. Through these measures, the Commonwealth aims to create a more integrated, stable, and self-reliant economic landscape that better serves the needs of its member states and their trading partners.
The dialogue also touched on practical governance mechanisms to monitor progress, share best practices, and support the transition through targeted investments, technical assistance, and policy alignment. Officials reiterated that the ultimate objective is not to abandon current international platforms abruptly but to complement them with robust regional settlement options that enhance monetary autonomy while maintaining openness to beneficial international collaboration. The overall tone of the gathering suggested a careful, incremental approach: build confidence, demonstrate tangible benefits, and broaden participation across sectors, regions, and economic levels. The dialogue closed with a reaffirmation of joint efforts to sustain growth, preserve stability, and expand the reach of the Commonwealth’s economic ties across its member states.