Alexander Pankin, the Deputy Minister of Foreign Affairs of the Russian Federation, has urged CIS member states to move toward conducting more trade using their own national currencies. His remarks, relayed by TASS, emphasize the strategic aim of reducing reliance on external currencies in regional commerce and expanding the use of alternative payment channels that are less exposed to global pressures.
According to a ministry spokesperson, the push for greater use of national currencies in economic transactions is intended to strengthen financial stability and resilience. The official noted that diversifying payment methods and promoting national currencies could lessen exposure to sanctions and other external shocks that can disrupt cross-border payments. This stance aligns with a broader effort to build financial autonomy within the Commonwealth and similar regional blocs.
Pankin also underscored the need for CIS members to overcome what he described as illicit and punitive measures that complicate economic cooperation. He argued that removing barriers linked to sanctions would help legitimate trade flows, ensure more predictable pricing, and support sustained economic collaboration among member states. The message highlights an ongoing debate about how sanctions policies affect regional development and the tools available to counteract them.
On January 23, Minsk is set to host the next meeting of the Council of Permanent Representatives of the CIS. During the gathering, officials are expected to discuss the blueprint for the Russian Federation’s presidency in the Commonwealth for 2024 and how to advance collective initiatives. The discussions may focus on strengthening intra-CIS trade, aligning payment systems, and coordinating economic policies to bolster regional integration in an era of shifting global energy and financial landscapes.
Data from 2023 show a notable shift in Russia’s foreign trade composition, with diminishing reliance on the U.S. dollar and the euro as trade payments increasingly move toward national currencies. Recent figures indicate that the share of American and European currencies fell to below 30 percent, while the ruble rose to a roughly 40 percent share in settlement volumes. Analysts interpret these trends as part of a broader strategy to de-emphasize Western-led payment instruments in favor of domestic and regional alternatives, with potential implications for exchange rates, inflation management, and monetary policy coordination among CIS partners.
In late December, President Vladimir Putin reiterated the plan to widen settlements in national currencies as he began his term overseeing CIS affairs. The remarks reflect a sustained political emphasis on financial sovereignty and practical steps to normalize cross-border payments within the region. Observers note that this approach could influence how trade agreements are negotiated, how pricing is indexed, and how financial institutions collaborate to support more resilient regional commerce. The broader objective appears to be to foster a more self-reliant financial ecosystem within the CIS while maintaining openness to legitimate external markets where strategic advantages exist.
Earlier reports indicated that the National Welfare Fund’s euro balances had been reset, a move aligned with the shift toward domestic and regional financial instruments. Officials describe such adjustments as prudent steps within a broader framework to recalibrate the country’s foreign exchange reserves and diversify its reserve assets. The evolving mix of currencies used in official transactions and reserves reflects both economic strategy and geopolitical considerations that shape how Russia and its CIS partners manage risk and liquidity across borders.