Belarus has no rapid plans to undertake Russian foreign money, its strongman chief Lukashenko says

TALLINN, Estonia — Belarus and Russia don’t have any plans to undertake a joint foreign money within the close to future, Belarus’ strongman chief introduced on Monday.

Speaking at a gathering with the top of Russia’s central financial institution, Alexander Lukashenko stated that introducing the Russian ruble in Belarus wouldn’t be “an easy process,” and that the authorities in Minsk had no intentions to this point of doing so.

“When it comes to creating a single currency and so on, this is not an easy process and, probably, not (one) for today,” Lukashenko stated on Monday throughout talks with financial institution governor Elvira Nabiullina.

Lukashenko has for many years relied on subsidies from Moscow to maintain Belarus’ Soviet-style financial system afloat. The two international locations signed agreements on the creation of a protection, financial and customs union as early as within the mid-Nineteen Nineties, although variations have continued between Moscow and Minsk concerning their implementation.

Russian help additionally helped the autocratic chief survive months of mass protests following the 2020 election that handed him a sixth time period in workplace. The opposition and the West stated the vote was rigged.

Last yr, Moscow used Belarusian territory as a springboard to ship troops and missiles into Ukraine.

On Monday, Lukashenko stated that Belarus’ financial system was hit exhausting by the following Western sanctions, however Russian bailouts and insurance policies adopted by Russia’s central financial institution have softened the blow.

“Even our enemies admit that Elvira Nabiullina very quickly dealt with economic issues in Russia and with currency issues, especially in the context of sanctions,” he stated.

On Monday, an unbiased Belarusian analyst informed AP that Lukashenko’s remarks marked an try and protect “the remnants of (Belarusian) sovereignty and protect himself from growing pressure from the Kremlin.”

Valery Karbalevich stated that it was vital for Lukashenko to “show that he is in control of the situation,” given the current and rising hypothesis about his deteriorating well being.

“Lukashenko is not happy with being a complete vassal to the Kremlin, and he strives to ease Russian pressure (on Minsk), in order to leave room for negotiations with the West and China,” Karbalevich stated in a cellphone interview.