The Russian Federation and Kazakhstan are deepening their financial cooperation by expanding trade that is settled in their own currencies. At the plenary session of the XIX Interregional Cooperation Forum held in Kazakhstan, the discussion highlighted a shift toward using national currencies for bilateral trade, a move that reflects broader efforts to diversify away from dependence on a single reserve currency. This development was conveyed during the forum by the leaders present, underscoring a growing confidence in the two economies to conduct cross-border commerce in rubles and tenge, a change aimed at increasing settlement efficiency and financial resilience for regional partners and exporters alike.
Official figures presented during the discussions show that countertrade activity rose by about 7 percent for the first eight months of 2023, signaling a tangible uptick in non-cash exchange and reciprocal trade arrangements between the two nations. This trend mirrors a broader push to streamline customs processes, improve payment terms, and reduce exposure to currency fluctuations, thereby supporting small and medium-sized enterprises as well as large industrial players engaging in bilateral projects across energy, agriculture, and manufacturing sectors.
Participants noted a clear uptick in the use of national currencies in export–import transactions, a development that strengthens monetary sovereignty and fosters deeper financial integration. Officials emphasized that currency diversification within trade has practical benefits, including lower transaction costs, faster settlements, and enhanced transparency in pricing—a set of outcomes that can boost confidence among기업 and investors looking to participate in cross-border supply chains and joint ventures.
During the forum, a signature ceremony was reported for documents related to interagency cooperation, with an estimated value around 100 million dollars. The arrangement signals a concrete step toward formalizing mechanisms for collaboration, financial guarantees, and information sharing that facilitate smoother project implementation and risk management for contracts spanning infrastructure, energy projects, and logistics networks across the two countries.
The visit to Astana began with an early arrival by the Russian presidential aircraft, followed by a high-level meeting at the Akorda state residence. There, Kassym-Jomart Tokayev and Vladimir Putin discussed progress on ongoing initiatives and the roadmap for future collaboration, including trade facilitation, investment projects, and cultural exchanges that reinforce long-standing ties. The discussions reflected a mutual commitment to stability and steady growth in a regional landscape characterized by shifting markets and strategic realignments, with both sides expressing optimism about the potential for sustained prosperity and shared advancement.