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Independent system of protection against global financial risks to be created within the EAEU

Russia with its closest trade partners should build their own independent system of protection against global financial risks, the EAEU Minister for Integration Sergei Glazyev said. The member countries of the association are aimed to increase the share of settlements in national currencies and develop their own payment system for this, similar to SWIFT. The options of issuing a bank card, by uniting the payment systems of the BRICS countries (Chinese UnionPay, Brazilian ELO, Indian RuPay, and Russian Mir), legalization of the use of cryptocurrencies for international payments, and other tools are also being worked out.

Currently, the Eurasian Economic Union (EAEU) includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia as member countries, as well as Moldova, Uzbekistan and Cuba as observers.

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