CIS conducting trade almost entirely in national currencies – Putin

Non-Western currencies now account for more than 96% of commercial transactions, the Russian president has said

Trade among Commonwealth of Independent States (CIS) members is now settled overwhelmingly in national rather than Western currencies, Russian President Vladimir Putin has said.

The CIS currently includes nine member states: Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Moldova, and Uzbekistan. Ukraine and Turkmenistan hold participant status within the organization, although Kiev has moved to sever ties with it.

Speaking at an informal CIS summit in St. Petersburg on Monday, Putin said the strong volume of…

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