ArmInfo. Of all the EAEC countries, the exchange futures market, in which the hedging of currency risks can theoretically be implemented for transactions using the currencies of the countries of the Union, exists in Russia, Armenia and Kazakhstan. This is stated in the new report of the Center for Integration Studies of the Eurasian Development Bank (EADB) "National currencies in mutual settlements within the framework of the Unified Energy System: obstacles and prospects."
Nevertheless, according to the authors of the study, even in the structure of the exchange-based futures markets of Russia and Armenia, there are no tools to hedge the risks of transactions on the exchange of currencies of the EAEC countries without using another reserve currency as an intermediate. Even in the large market of urgent currency transactions in Russia, the entire turnover falls on futures for the US dollar and the euro, and there are no futures and options contracts for the currencies of the EAEC countries. In the extremely short-term Armenian market, only futures for the dollar are in circulation, but deals are rare for him.
Overcoming these obstacles is possible on the path of progressive development of the national economies of the EAEC and integration processes, improving the investment climate, deepening the division of labor and economic diversification, the formation of transnational corporations operating in the Eurasian space, developing and implementing joint investment projects, developing a single financial market, priority in the integration processes for small and medium-sized businesses.
Thus, in terms of recommendations, a clear answer is given - "evolution is better than revolution". Integration in the monetary and financial sphere should follow the economic basis of integration: the elimination of numerous exemptions and restrictions in mutual circulation, the construction of links between economic actors with each other, as well as the logistical and transport links of the EAEC countries, the development of common labor and capital markets. Respondents agree that in such conditions, any "running ahead" with the promotion of currency integration will not only not accelerate the development of common markets, but, on the contrary, create additional risks.
The specific weight of the Russian ruble in the currency structure of payments in the EAEC has increased over the past six years from 56% to 75%. The share of the dollar for the same period decreased from 35% to 19%. At the same time, the dollar remains the dominant currency when paying for goods and services between the EAEC states, except Russia. It takes up to 50-80% depending on the vector of transactions.