Russia Ready to Consider EEU Currency Union – Prime Minister

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It would be possible to consider the creation of a monetary union within the Eurasian Economic Union, Dmitry Medvedev said.

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BURABAY (Sputnik) — Russia is ready to consider the creation of a currency union with other members of the Eurasian Economic Union (EEU), Russian Prime Minister Dmitry Medvedev said Thursday.

"In this [EEU] format it would be possible to consider the possibility and conditions of eventually creating a monetary union,” Medvedev said.

The prime minister is currently in Kazakhstan for a session of the Eurasian Intergovernmental Council.

The EEU, which officially came into force January 1, 2015, comprises Armenia, Belarus, Kazakhstan and Russia. The bloc seeks to achieve greater economic integration, including the free flow of goods, services, capital and labor across its member states.

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In December 2014, Russian Union of Industrialists and Entrepreneurs vice president Alexander Murychev suggested that economic integration within the EEU would help member state economies reduce their dependency on the dollar and euro.

In 2014, Russian First Deputy Prime Minister Igor Shuvalov said the Eurasian Economic Union may eventually lead to the creation of a common financial and currency union.

According to the Russian Foreign Ministry, about 40 countries and groups of states have officially declared their readiness to create a free trade zone with the union.

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