Russia and Belarus to agree soon on introduction of Russian ruble as single currency unit

Russia and Belarus are likely to agree soon, possibly in August, on the introduction of the Russian ruble as the single currency unit, according to Pavel Borodin, State Secretary of the Russia-Belarus Union.

"Clearing operations will be effectuated in rubles this year already, while cash transactions in rubles will be introduced later," he said.

Borodin pointed to Belarus' unique geographical position which makes it "a centre of Europe" and to the annual trade traffic amounting to 250 million tonnes.

"A single currency unit will ensure a new quality of financial flows," he stressed.

Borodin is taking part in a session of the Eurasian Party - Union of Partriots, being one of its leaders.