YEREVAN, March 23. / ARKA /. A Russian economist Alexander Knobel told a video news conference today that Russia, Kazakhstan and Belarus, the three members of the Eurasian Economic Union (EEU) are not ready yet to embrace Armenia, the fourth member, in a single currency union they plan to create.

Last Friday Putin said during a meeting with presidents of Belarus and Kazakhstan that time has come to start thinking about forming a currency union, but gave no details of the proposal suggesting it would be easier to meet economic challenges by working closely together.

Earlier, on March 10, Putin ordered the Central Bank of Russia and the Russian government to work in conjunction with the national banks of the EEU member states to determine by September 1 “the further directions of integration in the currency and financial spheres”. He also said that “the feasibility of establishing a monetary union within the framework of the EEU in the long term should be considered.”

The EEU was founded and launched by Russia, Belarus and Kazakhstan on January 1. Armenia joined the post-Soviet economic grouping on January 2. Kyrgyzstan is expected to join the bloc later this year

"Armenia is a new member of the EEU. This is why Russia is discussing the issue only with Belarus and Kazakhstan, which have already established some cooperation with it," said Knobel.

According to Knobel, differences between EEU member states are still significant. This is why before moving ahead EEU should have a clear idea of the level of monetization of its member economies, otherwise problems may arise, which larger countries will have to resolve by using their resources.

"Some processes within the EEU declaratively are ahead of its essence; the stronger political processes within it become, the more resources one of its members, presumably Russia, will have to spend,’ said Knobel.

He said the integration within EEU is being hindered today only by the political will of the bloc’s leaders, which is a problem that must be solved by directing cooperation towards a more practical and economic mainstream. -0-