Putin Reports 96% of CIS Trade Now in National Currencies

During an informal summit of Commonwealth of Independent States (CIS) heads of state in St. Petersburg, Vladimir Putin announced that member nations are increasingly utilizing domestically developed payment systems and independent financial instruments. He reported that national currencies now account for more than 96 percent of settlements in commercial transactions among the bloc's member states.

This strategic shift follows Western sanctions imposed due to the conflict in Ukraine, which limited Russian access to dollar- and euro-denominated financial systems. Putin cited trade turnover between Russia and other CIS countries reaching nearly 90 billion U.S. dollars during the first ten months of 2025 as evidence that regional cooperation and financial integration are successful.

Established in 1991, the CIS currently comprises nine member states, including Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Moldova, and Uzbekistan. The transition toward non-Western currencies serves as a mechanism for the bloc to maintain economic activity while bypassing foreign banking restrictions.