Both Belarus President Aleksandr Lukashenko and Russian President Vladimir Putin presented proposals to the Eurasian Economic Union’s Supreme Eurasian Economic Council, which met in Bishkek, Kyrgyzstan Dec. 9. The proposals would fundamentally advance the work of the EAEU, comprised of the five nations of Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
Lukashenko advocated prompt implementation of joint projects to develop modern industries—those of the future—for the EAEU nations. “This is an obligatory element of our economic sovereignty. Today we are going to take another step in this direction—we are considering the issue of vesting the EAEU bodies with the authority to provide financial assistance for industrial cooperation from the EAEU budget.” That includes, he indicated, possibly subsidizing interest rates on loans for specific industrial projects.
Lukashenko went on: “We need to improve, at all costs, the blood circulatory system of our union.... It is already clear to everyone that the era of dollar dominance is coming to an end. The future belongs to trade blocs, which will be made in national currencies. Belarus and Russia are no longer using the U.S. dollar in their main settlements. It is important that other partners actively join this process.”
