EAEU countries decide currencies for import duty distribution
Igor Petrishenko. A stock photo
MINSK, May 27 (BelTA) — In order to distribute import duties at the outer border of the Eurasian Economic Union, Belarus and Russia will continue to use Russian rubles while other countries will use US dollars. The decision was taken following the videoconference session of the Supreme Eurasian Economic Council on May 27, Belarusian Deputy Prime Minister Igor Petrishenko told BelTA.
According to his remarks, in a private conference, the leaders of the EAEU discussed in detail the issue of the currencies they should use to transfer import duties under the pressure of Western sanctions against Russia and Belarus. . It was decided that Russian rubles would be used to transfer the rights for Belarus and Russia. The Heads of State signed this decision on May 18. The partners will for the time being use US dollars in accordance with the Eurasian Economic Union Treaty, explained Igor Petrishenko. The Board of the Eurasian Economic Commission was again instructed to consider the matter and make calculations in order to avoid losses to the state budgets of the countries.
Igor Petrishenko said that the issue of the appropriate currency for transactions will be revisited once again to determine how this transition and import tariff transactions should be implemented in practice.
“We have temporarily introduced a procedure for receiving transactions in Russian rubles,” he said. “The decision has been made. The specifics of its realization are being clarified.
BelTA reported earlier that due to hostile actions and sanctions by Western countries on May 18, Belarus and Russia signed a temporary agreement on switching to the Russian ruble with the aim of dividing the rights of import customs at the external border of the Eurasian Economic Union. Meanwhile, the treaty on the Eurasian Economic Union stipulates that import customs duties must be divided and transferred in US dollars.
Chairman of the Board of the Eurasian Economic Commission, Mikhail Myasnikovich, reportedly said earlier that Belarus and Russia were carrying out transactions in Russian rubles in accordance with the temporary agreement. They use the same currency for transactions with the other three member states of the Eurasian Economic Union – Armenia, Kazakhstan and Kyrgyzstan. Currently, Armenia, Kyrgyzstan, and Kazakhstan transact in US dollars in accordance with the Eurasian Economic Union Treaty.
Mikhail Myasnikovich described the monetary issue as one of the most discussed topics not only at the Supreme Eurasian Economic Council session, but also at the Eurasian Economic Forum as a whole.