Russian President Vladimir Putin proposed that the Eurasian Economic Unity (EAEU) state-members create a 'common payment system' in a bid to reduce the countries’ dependency on the dollar, as he hosted the meeting of the Supreme Eurasian Economic Council in Saint-Petersburg on Thursday.

The Russian president suggested that a common payment mechanism, which is aimed at lowering dependency on dollar and other foreign currencies, would result in “the increase of economic sovereignty” of the Eurasian Economic Unity state-members.

Besides a common payment system, Putin touched on issues such as the agreement on trade and economic cooperation with China; a temporary free trade zone with Iran; and the Eurasian Economic Unity state-members’ co-operation in Space.

Belarussian President Alexander Lukashenko put emphasis on the current economic and trade issues in the world. “We all state together that the world is increasingly going crazy in terms of economy and trade,” he said urging the union’s state-members to take an advantage of the situation and to boost co-operation within the Eurasian Economic Unity amid “this fight which is going on.”

Armenian Prime Minister Nikol Pashinyan noted that Armenia’s membership in the union largely affects “the economic growth and foreign trade potential of our country.”

President of Kyrgyzstan Sooronbay Jeenbekov pointed to the importance of building a positive image of the Eurasian Economic Union “as an effective and competitive international organisation.”

The Eurasian Economic Unity is a political and economic union which includes such states as Russia, Belarus, Kazakhstan, Kirgizia, Armenia and Moldova as an observer.

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