Leskova I.V. The capabilities of the ruble within the geopolitical situation of the Common Economic Space

Abstract: This article reviews the possibilities of the Common Economic Space (CES) that is being formed by Russia, Kazakhstan, and Belarus as an instrument of counteracting the “external forces” for the purpose of protecting the interests of its members within the system of international competition of nations and their alliances. It reveals the possibilities, opportunities and difficulties associated with the functioning of the CES as an environment for the forming of a unified regional reserve currency with the Russian ruble as such currency. The author comes to a conclusion that in order for a currency of a particular country to gain the status of the regional reserve currency, it is necessary for this country (the issuer) to demonstrate such level of economic growth that it would be able to become the main consumer of the products and services manufactured in the neighboring countries; invest into the assets of the partnering nations; ensure an acceptable profitability of the assets denominated in their currency. The further strengthening of the ruble and growth in the number of operations involving ruble on the global market is closely tied to how active Russia will be in the fight for democratization of the global financial structure. This will also contribute to the strengthening of the ruble within the post-Soviet territory and their alliances.

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