The Prime Minister of Armenia, Hovik Abrahamyan, has proposed that the Eurasian Economic Union (EEU) countries—which comprises Armenia, Russia, Belarus, Kazakhstan, and most recently, Kyrgyzstan—to no longer tie trade to the US dollar and make respective calculations in Russian rubles, instead.

Abrahamyan stated about the aforesaid at the meeting of the PMs of the EEU countries in Grodno, Belarus.

“Mutual calculations done with the national currency need to be intensified, and dollarization [needs to] be reduced within the EEU,” TASS news agency of Russia quoted Abrahamyan as saying. “Exchange of knowhow in conducting a coordinated macroeconomic policy is also topical.

“In this context, the concept of making mutual trade of strategic goods in rubles and disengaging from linking [this trade] to the dollar is important.”