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EAEU discusses prospects for forming a common payment space

Prospective payment initiatives and development of cross-border settlements in the Eurasian space were discussed by members of the Expert Council for settlements in national currencies of the Eurasian Economic Union Member States. The meeting was held at the Bank of Russia under the leadership of First Deputy Chair of the Bank of Russia Ksenia Yudaeva.

Arman Khachatryan, Director of the Financial Policy Department of the Eurasian Economic Commission, noted in his speech that the objectives of expanding the use of national currencies in cross-border settlements and developing a common payment space are defined by the EAEU Treaty and reflected in the Strategic Guidelines for the Eurasian Economic Integration until 2025.

"I believe it is important to enhance cooperation between the Commission and financial regulators of the EAEU countries on the development of payment and settlement relations in the Eurasian space in order to successfully implement the tasks of forming a common financial market of the EAEU. It is necessary to discuss the prospects of developing comprehensive and holistic approaches to the formation of an integrated payment and settlement infrastructure, taking into account the digitalization of the financial sector," stressed Arman Khachatryan.

The meeting focused on cross-border development of the payment infrastructure and risk management in the use of virtual payment and settlement instruments, and provided information on the results of a survey of business entities on the efficiency of cross-border and international payment transactions.

At the next meeting of the Expert Council, it is planned to discuss the possibilities of applying digital financial technologies and using digital currencies in the Union's member states, as well as to exchange views on the prospects of forming a common EAEU payment space.

The Expert Council was attended by representatives of the national (central) banks of the Union's member states, the Eurasian Economic Commission, and the academic and business communities.

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