Russia could raise the portion of its international trade settled in national currencies by using digital currencies issued by central banks. In the Eurasian Economic Union (EAEU), such currencies are being developed by the central banks of Russia and Kazakhstan, a topic highlighted in discussions at a major regional forum. This approach aims to diversify how payments are made and reduce reliance on traditional fiat channels, potentially smoothing cross-border settlements as market participants seek faster and cheaper transfer methods. The idea is that digital national currencies could become a credible alternative for certain bilateral transactions while markets assess the broader implications for stability and efficiency.
The share of trade conducted in rubles, tenge, and other national units is currently constrained by the existing balance of imports and exports with each trading partner. As a result, many countries still prefer using international reserve currencies for settlements. Digital forms of national money offer a potential alternative that could lower cross-border payment costs and increase the speed of clearing, provided regulatory frameworks and interoperability are aligned across the region. In the EAEU, the development work by Russia and Kazakhstan is aimed at delivering a practical payment option that complements existing channels and helps reduce dependency on a single currency system while advancing regional financial integration.
Ksenia Yudaeva, First Deputy Governor of the Central Bank, noted that the prospects for trading in digital national currencies are being examined by financial institutions worldwide. The central banks emphasize the need to address exchange rate and valuation considerations as a key part of any rollout, ensuring safeguards, liquidity, and resilience in the new payment rails. This ongoing evaluation reflects a broader global interest in how central bank digital currencies could fit into multi-currency settlement ecosystems without disrupting monetary sovereignty or financial stability.
The discussion indicates that bilateral trade in national currencies remains complicated by imbalances in imports and exports among partners, which makes market participants lean toward dollars or euros for convenience. Yet experts also see digital currencies as a potential temporary stepping stone while the clearing and settlement infrastructure expands. The broader goal is to widen the clearing zone and create a more robust, multi-currency environment that supports smoother regional commerce over time, aligning with regional goals for integrated finance and resilient trade networks.
In a related update, a senior Russian official stated that trade between EAEU member countries reached 83.3 billion dollars in 2023, underscoring tangible gains from deeper economic integration and the momentum behind efforts to diversify settlement methods beyond traditional currencies.