EEU single currency moves up Putin’s agenda despite tensions

EEU Founding PresidentsSingle currency for EEU: Russia’s President Vladimir Putin has asked his government, the Central Bank and the country’s financial regulators to put together a feasibility study for the introduction a single currency for the Eurasian Economic Union (EEU). They have been given until the beginning of September to compile the report “defining the vector of financial and currency integration within the Eurasian Union and examining the desirability and possible creation of a currency union in the future.”
The EEU came into being on January 1 2015 as a souped up version of the customs union between Russia, Kazakhstan and Belarus, and they are soon to be joined by Kyrgyzstan. Relationships between the founder members almost immediately soured, however, due to the tensions that have arisen because of the weakness of the rouble and Russia’s ban on food imports from the EU.