Agreement on creation of the Payment union of the State Parties of the Commonwealth of Independent States

of October 21, 1994

The State Parties of the Commonwealth of Independent States which are hereinafter referred to as with the Parties

including creation of the Payment union and effective payment system necessary condition of normal functioning of Economic union,

creating conditions for free movement of goods and services,

aiming at ensuring balance of trade and economic relations,

promoting growth of economic potential of national economies on the basis of mutually advantageous cooperation and other economic bonds,

considering close historical and cultural and ethnic connection of the people,

creating conditions for step-by-step creation of optimum system of settlement,

agreed as follows.

Article 1.

Create the Payment union by voluntary merging of the Parties for the purpose of ensuring uninterruptedness of calculations in the mode of use of mutual convertibility of national currencies and forming on this basis of payment system.

Creation of the Payment union of the Party is considered as step-by-step process and start its realization by the conclusion of bilateral and multilateral agreements.

At the subsequent stage of the Party can perform actions for creation of multilateral settlement system in collective currency.

Article 2.

Forming of the Payment union is based on the following principles:

recognition of national currency sovereignty and role of the Central (national) Banks of the Parties as emission centers and bodies of monetary and currency control in the territory of each of the Parties;

non-admission in the territory of each of the Parties of any restrictions on acceptance and use of national currencies as the means of payment on trading and uncommercial activities provided in contracts;

establishment of the rules of the state foreign trade and currency control promoting development in the territory of each of the Parties of the full-fledged (liquid) foreign exchange market in transactions of purchase and sale of national currency for national currencies of other Parties and for other currencies;

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