EAEU to become pilot region for testing its own unit of account

The EAEU can become a pilot region for testing its own Eurasian unit of account, if such a unit is created.

It may be relevant in a wide format, primarily in trade with friendly countries, the Eurasian Economic Commission said in a statement, TASS reports.

“The creation of our own Eurasian unit of account is very important in a broader format – primarily in trade with China, India, Iran, and other interested partners. At the SCO summit, the President of Russia spoke about the development of such an alternative to the dollar and the euro, a global currency. The EAEU could well to become a pilot region for its approbation,” the Eurasian Economic Commission quotes Sergey Glazyev, Minister for Integration and Macroeconomics of the EAEU.

According to the minister, the first Eurasian Economic Forum in Bishkek has already discussed EEC proposals on options for such a financial and trade architecture.

At the same time, Glazyev noted that the creation of a basket of currencies in the EAEU is not planned.

August 26, 2022