Russia-Belarus relations: possibilities of transition to a single currency
For several years, the Russian Federation and Belarus didn’t come up with decision about transition to a common currency. Nowadays the situation may be changed.
The Treaty on the Creation of a Union State of Russia and Belarus was signed on 8 December 1999. The Treaty on the Creation of a Union State of Russia and Belarus sets up a legal basis for integration, which proposed broad cooperation but stipulated independence for both states. The Union State of Russia and Belarus is directed to achieve a federation like the Soviet Union, with a common citizenship, legislation, economic space and currency.
Still full implementation of the Treaty on the Creation of a Union State of Russia and Belarus is one of the discussed problem due to politic and economic disagreements between states.
Governments of both states have developed roadmaps for integration, one of which was connected with transition to a common currency. The president of Belarus refused to sign this roadmap up because of the loss of independence after political accession to the Russian Federation.
Now Russia and Belarus approach again. During the online-conference, which was held in June 2020 and was connected with prospects of further integration between states, Ambassador of the Republic of Belarus said, that Belarus admits the possibility of transition to a common currency on terms of equality of the two countries. All the most important decisions regarding devaluation, emission should be made by consensus.
The Ambassador of the Republic of Belarus also highlights that according to the present situation governments of Belarus didn’t see any possibilities to unify tax legislation because of the differences, existing in economics of both states.
Still full implementation of the Treaty on the Creation of a Union State of Russia and Belarus is one of the discussed problem due to politic and economic disagreements between states.
Governments of both states have developed roadmaps for integration, one of which was connected with transition to a common currency. The president of Belarus refused to sign this roadmap up because of the loss of independence after political accession to the Russian Federation.
Now Russia and Belarus approach again. During the online-conference, which was held in June 2020 and was connected with prospects of further integration between states, Ambassador of the Republic of Belarus said, that Belarus admits the possibility of transition to a common currency on terms of equality of the two countries. All the most important decisions regarding devaluation, emission should be made by consensus.
The Ambassador of the Republic of Belarus also highlights that according to the present situation governments of Belarus didn’t see any possibilities to unify tax legislation because of the differences, existing in economics of both states.
