National Currencies Dominate Trade Within the CIS
Economy
CIS countries have nearly completed their shift to national currencies in mutual trade, with dedollarization reaching record levels and becoming a stable trend.
Member states of the Commonwealth of Independent States carried out 96% of their mutual settlements in national currencies in 2024–2025, CIS Secretary General Sergey Lebedev said.
According to him, the share of national currencies in intra-CIS trade continues to grow steadily. In the Eurasian Economic Union, the figure has reached 93%, reflecting a sustained move away from reliance on global reserve currencies.
Lebedev noted that the use of international reserve currencies in cross-border payments now carries significant risks, including asset freezes and transaction blockages, encouraging a transition to national currencies.
He also highlighted deepening economic integration within the CIS. Over the past four years, mutual trade among member states has grown by 18%, while the combined GDP of CIS countries increased by 4.5% in 2024.
Lebedev emphasized the key role played by the free trade zone agreement signed around 15 years ago, which eliminated customs duties on most goods and removed numerous trade barriers within the CIS.
According to him, the share of national currencies in intra-CIS trade continues to grow steadily. In the Eurasian Economic Union, the figure has reached 93%, reflecting a sustained move away from reliance on global reserve currencies.
Lebedev noted that the use of international reserve currencies in cross-border payments now carries significant risks, including asset freezes and transaction blockages, encouraging a transition to national currencies.
He also highlighted deepening economic integration within the CIS. Over the past four years, mutual trade among member states has grown by 18%, while the combined GDP of CIS countries increased by 4.5% in 2024.
Lebedev emphasized the key role played by the free trade zone agreement signed around 15 years ago, which eliminated customs duties on most goods and removed numerous trade barriers within the CIS.
Powered by Froala Editor