Russian President Vladimir Putin drafted a bill, aiming to eliminate the US dollar and the euro from trade between CIS countries, Russia Today reports.

This means creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other CIS countries.

“This would help expand the use of national currencies in foreign trade payments and financial services, thus creating preconditions for greater liquidity of domestic currency markets,”a statement from Kremlin said.

The bill would also help facilitate trade in the region and foster macro-economic stability.

The member-states of the Eurasian Economic Union (EEU) have also discussed the possibility of switching to national currencies. According to the agreement between Russia, Belarus, Armenia and Kazakhstan, a transition to settlements in the national currencies (Russian ruble, Belarusian ruble, dram and tenge respectively) must occur in 2025-2030.