Eurasian Economic Union countries seek to abandon dollar payments | Chronicle

Mikhail Evdokimov, director of the first department for CIS countries at the Russian Foreign Ministry, told Sputnik that member states of the Eurasian Economic Union (EEU) are trying to avoid dollar payments.

He declared: “We pay great attention to the broader use of national currencies in reciprocal payments and the withdrawal of the use of the dollar.”

He stressed that even before the West imposed unprecedented restrictions on the Russian financial and banking system, more than 70 percent of payments between user countries were in national currencies.

Several countries condemned Russia’s February 24 military operation in Ukraine and triggered several batteries of individual and sectoral sanctions that seek to inflict as much damage as possible on the Russian economy in an effort to pressure Moscow to stop hostilities.

For the first time, the restrictions include Russia’s partial cutting off of the SWIFT system for international banking transactions, blocking the international reserves of its central bank and, in the case of countries such as the United States, Canada, the United Kingdom and Australia, a ban on the import of Russian oil.

The European Union has already approved five sanctions packages related to Russia’s military operation in Ukraine, and the latest batch targets key sectors of the Russian economy such as coal, solid fossil fuels and foodstuffs, among others.

Source: Sputnik

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