The Eurasian Economic Union seeks to refuse from the US dollar and euro. The Council of Federation and State Duma have supported the idea of the Single EEU Payment Area with ruble, tenge and dram.
According to the "Izvestia" newspaper, inter-state operations in USD and EUR may be banned in the area of the Eurasian Economic Union of Russia, Belarus, Kazakhstan and Armenia. These countries will switch to operations in national currencies (Ruble, Belarus Ruble, Tenge, Dram) in 2025-2030, according to the draft concept of payment systems development in the EEU area, Alexander Murychev, Vice President of the Russian Union of Industrialists and Entrepreneurs, Head of the Board of Directors of the National Payment Council (NPC), told "Izvestia." At a meeting on development of the EEU payment systems and infrastructure in Kazan, he presented the details of its suggestions. The NMC is already participating in development of the concept. According to Murychev, the concept implies creation of a united payment area infrastructure compatible with the national card systems, including the Russian national system of payment cards, which is currently being created, and the Belcard System (Belarus) and Armenian Card (ArCa). The concept also implies refusal from circulation of dollar and euro in the EEU area.
Today on 2 December, the National Assembly of Armenia will continue discussions on the president- submitted treaty on Armenia's accession to the EEU. The treaty on establishment of the EEU was signed on 29 May in Astana. It was the next stage of the Customs Union development. The EEU pursues free movement of goods, services, capitals and labor force between the signatory-states, as well as coordination of the policy in such sectors of economy as energy, industry, agriculture and transport. It is anticipated that a supranational financial market regulation body should be created in Almaty in 2025. The treaty will come into effect on 1 Jan 2015. By data of the Eurasian Economic Commission, in 2013 the turnover between of Customs Union member-countries totaled $64.1 billion, the aggregate turnover with third countries - $930.1 bln. Now, operations in rubles account for 50% of total operations inside the CU, dollars account for 40%, Euro- 8%9%, other currencies -some 1%. The Council of Federation supported the idea to refuse from dollar and euro in operations within the EEU.