The work on creating a single currency for the Eurasian Economic Union (EEU) is underway. It may be called ‘Euras,’ Leonid Slutsky, Chairman of the Russian State Duma Committee for the CIS Affairs, Eurasian Integration and Relations with Compatriots, told at ‘Posner’ program on Russia’s First Channel, RIA Novosti reports.   

“Soon we’ll have a common currency.The central banks are continuing the work now, but this turned out to be much more complicated than it seemed in 2011. And the factor of the crisis also plays role here. But the work is underway, and this is necessary,” Slutsky said.

In early November, Chairman of the Central Bank of Armenia (CBA) Arthur Javadyan said that the talks on the EEU states’ switching to a single currency were premature. According to him, at the session of the CB heads of EEU states the previous month, the Russian and Kazakhstan sides said they wouldn’t deal with that issue before 2025. Javadyan also said he had discussed the issue with his EEU colleagues and came to a conclusion that the process would require 30-40 years.