Peg Belarusian rubel to Russian ruble otherwise Eurasian Union breaks – entrepreneurs

The Belarusian Union of Entrepreneurs demands to establish a system of pegging currencies in Belarus, Russia and Kazakhstan.

“In violation of a number of international agreements on the common economic area, the Russian Federation is devaluating its own currency,” Aliaksandr Kalinin, Chairman of the Belarusian Union of Entrepreneurs, told

“The entrepreneurs involved in exports to Russia are suffering losses because of it. We appeal to the Belarusian, Russian and Kazachstani governments to found a payment system based on a stricter peg of national currencies because the common economic area is breaking now,” Mr Kalinin said.

Russia, Belarus, Kazakhstan and Armenia may abandon settling in dollars and euros by 2025-2030, Alexander Murichev, a representative of the National Payments Council, told Russian newspaper Izvestia on December, 2. The Russian ruble, the Belarusian rubel, the Kazakhstani tenge and the Armenian drum are expected to replace foreign currency in mutual payments. According to the official, foreign currencies (the U.S. dollar and the euro) account for about half of mutual payment transactions, which ‘develops the Eurasian Economic Union’s dependence on the corresponding economies’.

According to the Chairman of the Belarusian Union of Entrepreneurs, Russia is now breaching agreements on the common currency policy within the Eurasian Economic Union.

“These days exports to the Russian Federation from Belarus has stopped bringing profit,” Mr Kalinin said. “The mutual peg of national currencies doesn’t require the transition to the Russian ruble, it is only rumours. This would hit Belarusians’ pockets too much,” he stressed.

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