Western pressure on Russia and its allies through sanctions plays against the West itself
The future of the international financial system has already arrived. Kyrgyz businesses and government officials should strengthen their positions in it.
Industrial expert Veronika Isaeva came to this conclusion in a commentary to Business Eurasia. Tracking the trends of the global economic system using the example of Eurasian countries and the BRICS partners of the EAEU, the economist notes that the long period of artificial restraint of the economies of the Eurasian countries, on the one hand, and pressure from Western countries on Russia, on the other, have produced an unexpected effect.
The interviewee considers the upcoming XXVIII St. Petersburg International Economic Forum to be a striking example. The number of declared delegates and speakers of the largest business event in Europe exceeds 22,000 guests from more than 140 countries.
— #SPIEF sounds very contrasting this year, — Veronika Isaeva shares her impressions. — Despite serious Western sanctions pressure, a large number of foreign delegates are participating in it. The whole world sees that, in fact, countermeasures have not so much distracted as drawn attention to Eurasia. People understand that the sovereignty of production, like the sovereignty of countries, depends, first of all, on economic decisions.
Another economic decision based on political sovereignty concerns the withdrawal of world reserve currencies - the US dollar and the euro - from the circulation of the #EAEU and #BRICS member countries. Kyrgyzstan has recently demonstrated its commitment to the EAEU rate. According to the Law "On Settlements in National Currency" signed on April 29, 2025 by President Sadyr Japarov, the use of foreign currencies in the Kyrgyz financial space will be completely excluded in April 2026.
"This is not just the rate of our president," explains Veronika Isaeva. "This is a general continental rate, and it is associated with the volatility of the dollar, which has affected such consumer industries as construction and manufacturing. Therefore, the transition to national currencies was not even initiated at the highest level - it was based on the economic indicators of production and consumption itself.
The growth of production and consumption of the product is reflected in the trade turnover of the member countries of international associations, and increasingly forces us to turn to economic diversification. Thus, for example, Kyrgyzstan initiated discussions on joining BRICS in 2024 - development within the EAEU significantly increased the republic's position in politics and pushed it to further search for external economic cooperation. Bishkek seeks to strengthen and enhance its role in world affairs, promote a multipolar world, participate in solving global problems, and acquire new opportunities for national development.
Financial autonomy and moving away from dollar settlements lead to the formation of a trading system based on national currencies.
- In this matter, for the Kyrgyz som, the first main currency pairs are som-ruble and som-yuan, because these are the main trade flows for the republic. Everything that concerns ruble supervision, which we see today in our currency market, can be attributed to the tools that the government is forced to use in order to somehow show its absolute openness, and that there are no overflows in Kyrgyzstan.
- Eurasian business is much more mobile than any government official or head of a state enterprise. Therefore, in addition to government delegations, there are many participants who register independently for forums such as SPIEF-2025. There are many large, and even not so large, entrepreneurs who work not only in national markets, but have already begun to enter foreign markets. Alas, they do not speak at sessions, but as listeners they always participate. And it would be useful to involve them in the public discussion, and it is necessary to work out this participation at the level of ministries and departments, thereby working out the participation of Kyrgyz companies with the organizers of the St. Petersburg International Economic Forum.
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