Russian President Vladimir Putin believes that the time has come for Russia, Belarus and Kazakhstan to launch negotiations on establishing their currency union.
"We and our partners have agreed to continue coordinating our monetary policy. And we also think that the time has come to speak about the possibility of forming a currency union in the future," Putin said after a meeting with the Belarusian and Kazakh presidents in Astana on Friday.
"Working shoulder to shoulder, it is easier to respond to financial and economic threats and easier to protect our common market," the Russian leader said.
This year the member countries of the Eurasian Economic Union (EEU) will have to adopt over 100 important documents aimed at bolstering the union's legal framework, he said.
These documents include a new Customs Code and a concept of forming common markets for electricity, gas, oil and petroleum products, Putin said.
The Russian president also reiterated the need for the EEU to sign international treaties to regulate cooperation in currency, financial and socioeconomic issues.
The Eurasian Economic Union must be seen as the first step in a process
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