CIS countries switched to national currencies in trade
In recent years, the Commonwealth of Independent States (CIS) has implemented significant changes in the financial sector. This was reported by Zamin.uz.
According to official data announced at the end of 2025, CIS member states have mainly switched to using national currencies in mutual trade settlements. During 2024–2025, 96 percent of payments were made in national currencies.
This was stated by CIS Secretary-General Sergey Lebedev. According to Sergey Lebedev, abandoning global reserve currencies and transitioning to national currencies has become a stable trend.
A similar situation is observed in the Eurasian Economic Union, where the share of settlements in national currencies has reached 93 percent. This process indicates that dedollarization in the region is irreversible.
The main reason for directly switching to settlements in national currencies is related to economic security issues. According to the CIS Executive Committee, using global currencies in the current geopolitical environment is risky, with the possibility of transactions being blocked or assets frozen.
The transition to national currencies has created a stable system that ensures economic independence. The process of financial sovereignty is progressing alongside the growth of the real economy.
According to statistical data, over the past four years, the volume of goods exchange within the CIS has increased by 18 percent. By the end of 2024, the gross domestic product of CIS countries grew by 4.5 percent.
The agreements that laid the foundation for the current achievements of the CIS were signed quite some time ago. Notably, the Free Trade Area agreement reduced customs duties and other barriers, facilitating settlements in national currencies.
This has helped reduce the costs of cross-border operations. It is worth recalling that the initial agreement to create a Payment Union among CIS countries was signed in 1994.
However, the infrastructure for mass settlements in national currencies was fully formed and began to operate effectively by 2024.
