Russia Wants to Increase Settlements in National Currencies with BRICS, EAEU, SCO States

Last year, Russia’s trade with EAEU, BRICS and SCO members grew by up to 38%

Russian Industry and Trade Minister Denis Manturov Dmitry Astakhov/POOL/TASS

© Dmitry Astakhov/POOL/TASS

TASHKENT, April 25. /TASS/. Moscow is interested in increasing settlements in national currencies with BRICS (Brazil, Russia, India, China, South Africa), SCO (Shanghai Cooperation Organization) and EAEU (Eurasian Economic Union) nations, Russian Industry and Trade Minister Denis Manturov told a forum on Monday.

Last year, Russia’s trade with EAEU, BRICS and SCO members grew by up to 38%, he said, adding that in total those integrations account for half of the global economy.

Hyperinflation and growth of prices for exchange commodities in Europe and the US and their influence on industry and economy pushes Russia’s interest in shifting to national currencies in trade up, Manturov noted.

"What is happening in the global economy and the world today prompts us how to adjust our logistics and production cooperation, in what direction we should develop our economies," he said, adding that the shift to national currencies enables countries "to become as independent from the viewpoint of mutual payments for supplies of products and mutual cooperation as possible."

Russia sees prospects of cooperation with Uzbekistan in the areas of pharmaceuticals sector, car production, agriculture and food machine building, as well as fertilizers, the minister said. Moscow is also interested in supplying products made jointly with Uzbekistan to such partners of the country as Pakistan, Afghanistan and other countries, he added.