Call to build a fully sovereign financial system in the Union State

Andrei Savinykh. File photo

MINSK, June 20 (BelTA) — It is high time for the Union State to build a fully sovereign financial system, Deputy Chairman of the Parliamentary Assembly of the Union State of Belarus and Russia, Chairman of the Committee on International Affairs of the House of Representatives of the National Assembly of Belarus Andrei Savinykh said during a meeting of the 62nd session of the Parliamentary Assembly of the Union State of Belarus and Russia in Minsk on June 20, BelTA learned.

“Last year, trade between Russia and Belarus reached a record high of $38.5 billion. The trend of steady growth remains in place. Alas, we still calculate trade in US dollars, although ‘it is high time to abandon the use of foreign currencies and build our own settlement system to pay for trade supplies and create a fully sovereign financial system. I believe this has enormous potential for sustainable sector development and long-term investments,” said Andrei Savinykh.

He urged the parliaments of the two countries to strengthen operational cooperation to make appropriate changes to laws, to adopt new legislative acts establishing a single legal regulation in Belarus and Russia. “I would like to emphasize the importance of coordinating this process, both at the level of governments and relevant ministries, and at the level of the Union State, including the Union State Parliamentary Assembly of Belarus and Russia. Secondly, we must use the economic sanctions of the collective West as a starting point for a new industrialization. In this way, we can build the full technological sovereignty of the Union State, of the import substitution to new industries and manufacturing of the new products we need, and move us towards global leadership in key sectors serving the needs of our citizens,” the MP added. “Then our adversaries will not only be humiliated, but they will completely lose the opportunity to threaten our progressive social and economic development, as well as the well-being of our people.”

The session of the Parliamentary Assembly of Belarus and Russia takes place in Minsk. The AP will consider broad lines of work to counter external challenges and threats, sanctions and Nazi propaganda, and to protect historical memory. The PA will approve new committee memberships and elect chairpersons.

Plans are in place to give the commissions legislative support functions to ensure the execution of the State of the Union programs approved by Decree No. 6 “on the main orientations for the implementation of the Treaty of the State of the Union for 2021-2023” of the Supreme State Council of the State of the Union on November 4, 2021.

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Don F. Davis