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Russia seeks single currency in customs union

Updated: 2010-03-13 14:01
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MOSCOW - Russia is seeking the use of a single currency in the customs union with Belarus and Kazakhstan, says First Deputy Prime Minister Igor Shuvalov.

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Shuvalov, speaking at an international economic forum of the Commonwealth of Independent States, said it was feasible to gradually form a unified currency within the framework of the customs union.

The currency may not be that of any country but rather a brand new one, he said as quoted by Russian media on Thursday.

The economic integration among the CIS countries was an effective way against exterior threats, said Shuvalov, thus it was necessary to form a unified currency.

The customs bloc became officially effective from January 1. Russia, Belarus and Kazakhstan also decided at the end of last year to form a unified economic space by January 1, 2012.