Putin: 90% of Russia's Settlements with CIS Countries Now Conducted in National Currencies

Russian President Vladimir Putin stated at the CIS summit in Avaza, a resort area on the Caspian coast of Turkmenistan, on October 9 that 90% of Russia's trade settlements with Commonwealth countries are conducted in national currencies—without the dollar or euro.

According to figures presented by Putin, Russia's trade turnover with CIS countries exceeded $110 billion in 2025 and continues to grow in 2026. Moscow views regional trade networks as a tool to reduce dependence on the Western financial system amid sanctions.

The summit also produced organizational outcomes: Azerbaijan will assume the CIS presidency in 2028. Belarusian President Alexander Lukashenko expressed hope that Armenia will take the chair in 2029.

The summit took place against the backdrop of Russia's ongoing war against Ukraine. Critics note that despite declared trade successes, the political influence of the CIS as a bloc continues to wane.