Putin calls for currency union with ex-Soviet allies

source: [link to news.yahoo.com]

Astana (Kazakhstan) (AFP) - Russian President Vladimir Putin on Friday called for a single currency with the Kremlin's closest ex-Soviet allies despite fraying ties in the region which is struggling with the fallout from Moscow's economic crisis.

Putin urged closer integration for his flagship Eurasian Economic Union -- which also includes Belarus, Kazakhstan and Armenia -- as Moscow scrambles to limit the damage from Western sanctions over Ukraine and tumbling oil prices.

"We think the time has come to discuss opportunities to form a potential currency union," Putin said at a meeting with his Kazakh and Belarusian counterparts in Kazakhtan's capital Astana.

"Working shoulder to shoulder, it is easier to react to external financial and economic threats, and protect our common market."

Political and economic ties between Moscow and the bloc's two other founding members, Belarus and energy-rich Kazakhstan, have been strained by the recent economic woes and jitters over Russia's alleged military involvement in Ukraine.

"Major trials have befallen our union," said Kazakh President Nursultan Nazarbayev at the outset of the summit, while arguing for deeper cooperation.

The economic union -- a pet project of Putin's ........... more at link

Last Edited by LJS on 04/23/2015 08:34 AM