Russia On A Mission To Eliminate The Dollar - Plans Single Currency For BRICS Countries And Eurasian Economic Union (EEU)

EAEU & 40 Nations Consider Single Digital Currency Trade Side-Stepping the Dollar

We just published yesterday a completely different view of Russia walking away from the dollar. Same result, different view. Now that the G20 – 2018 has passed it seems as if Russia is done messing around and is now on mission to eliminate the “national security threat” known as the Federal Reserve Note (FRN).

We keep pointing out all the changes that Russia is making to strengthen their economy and move away from using FRN for international trade settlement. We have also been pointing towards the EAEU for close to two years as one of the most significant economic alliances to emerge since the greater depression began in 2008. Now Russia is looking at tying all their efforts of the past decade together and it seems to happening at breakneck speed.

The thing that I find so vastly different between Russia and China is China is all about reaching out to the world, while Russia is all about taking care of home – all about taking care of home and not too concerned with what’s happening in the broader world. If you look at the members of the EAEU they are, basically, former nation states under the old USSR umbrella; however, that seems to be changing as well.

The members of the Eurasian Economic Union (EAEU) may abandon border procedures and adopt a common currency in the future by analogy with the European Union (EU), according to the President of Kyrgyzstan Sooronbay Jeenbekov.

“I strongly believe in the future of the EAEU, we have a tremendous potential. The EU has a single currency, and of course we will also come to this, but time is needed. We must introduce the best of what the European Union has… we must work towards that,“ he told Rossiya-24.

Jeenbekov noted that “Like in the European Union we have no borders, no border guards. All our nationals are freely traveling across the Union and are entitled to same services, no matter which – medical, educational…”

According to him, the EAEU member countries should work towards boosting competition with third countries. “The EAEU countries can compete with other foreign nations. We must work in coordination in this issue,” Jeenbekov said, adding “I believe that in 2040, the economy of our countries will be the same as in the European Union, the US, Japan and in other leading nations.”

The Kyrgyz president said that the Eurasian Economic Union should expand by admitting new members. “Other countries can also join the EAEU, we can expand, and we must work towards this as well.”

The EEU, which is based on the Customs Union of Russia, Kazakhstan, and Belarus, was established in 2015. It was later joined by Armenia and Kyrgyzstan. In 2016, Vietnam officially became the first non-regional country to join the bloc. The union is designed to ensure the free movement of goods, services, capital and workers between member countries.

More than 40 countries and international organizations, including China, Indonesia, and Israel, as well as some South American countries, have expressed interest in a free-trade deal with the EEU. The trade bloc is also holding negotiations with South Korea, Egypt, and India.

Last year, the Central Bank of Russia (CBR) proposed to create a joint digital currency for BRICS countries and the Eurasian Economic Union (EEU). It could replace the US dollar and other currencies used in settlements among the member states, CBR said