YEREVAN, September 1. / ARKA /. Russian president Vladimir Putin has submitted a bill to the State Duma (lower chamber of parliament) that calls on some former Soviet republics making the Commonwealth of Independent States (CIS) to abandon US dollar and euro as settlement currencies for their transactions, vesti.ru reports citing the Russian president’s official website.

The bill is designed to create a single financial market that would embrace Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and some other countries, vesti.ru said.

According to the report, a mechanism is to be created that will allow abandoning the US dollar and the euro as intermediate calculation currencies.

According to an agreement between Russia, Belarus, Armenia and Kazakhstan, which make the Eurasian Economic Union (EEU), transition to settlements in the national currencies (Russian and Belarusian rubles, Kazakh tenge and Armenian dram) is to occur somewhere between 2025-2030.

Currently, almost 50% of payment transactions between EEU member countries is made in US dollars and euros, which increases their dependence on currency issuing countries. The bill proposes to completely eliminate the use of US dollar and euro in the EEU territory.

This proposal suggests creation of a common payment area for the member countries. This will enable making payments based on the compatibility of national card systems. Currently Russia is creating its own national system of payment by cards (NBTS). Belarus and Armenia have their own card payment systems - BelCard Armenian Card (ArCa) respectively. - 0-