The share of national currencies in mutual settlements among members of the Eurasian Economic Union (EAEU) stands at about 90 percent and there is a clear path to raise it further. This was stated by the Russian Prime Minister, Mikhail Mishustin, during a session of the EAEU Intergovernmental Council. The remark follows a broader push to deepen economic cooperation across the union and its partners, aiming to reduce exposure to foreign exchange volatility and strengthen regional financial resilience [citation: TASS].
In December, the leaders of the five member states signed the Eurasian Economic Road declaration, a document that outlines an agenda to broaden collaboration across sectors, from trade to infrastructure and digital cooperation. The declaration signals political will to push ahead with concrete steps that enhance integration and shared prosperity within Eurasia [citation: TASS].
Mishustin highlighted that the proportion of mutual payments settled in national currencies has reached roughly 90 percent and is on a growth trajectory. He emphasized the importance of accelerating the implementation of the goals and objectives set by the presidents, noting that timely action could unlock faster progress in regional economic autonomy and monetary stabilization through diversified currency usage [citation: TASS].
On the broader geopolitical stage, discussions continued about accelerating regional economic integration, including the operationalization of the goals set forth by Eurasian leadership. The emphasis remains on practical measures—facilitating trade, reducing red tape, and encouraging financial instruments that support barter, invoicing, and settlement in member-state currencies to boost resilience against external shocks [citation: TASS].
Meanwhile, a separate track of negotiation proceeded between Indonesia and the EAEU, focusing on the establishment of a free-trade area. Negotiations recently advanced in New York, with high-level participation from Sergei Lavrov and Indonesian Foreign Minister Retno Marsudi. Marsudi stressed a strong commitment to speed up the talks, which began in May 2022 and have already reached a third negotiating round in December 2023. The ongoing dialogue underscores a shared interest in expanding market access, simplifying rules of origin, and creating a more predictable trade framework for goods and services between Indonesia and the EAEU members [citation: official statements].
Putin has previously commented on the distribution of payment currencies within the EAEU, reiterating that the region aims to diversify settlement currencies while maintaining robust financial cooperation. The overall trend points to deeper integration and more balanced financial arrangements among the participating economies, with a focus on stability, reliability, and long-term partnership benefits for all member states [citation: official remarks].