OREANDA-NEWS There are a number of difficulties in the transition of Russia and Belarus to a single currency, for example, countries will need to switch to a single pricing format, choose a common currency, and so on. At the same time, such a step is necessary and will simplify trade relations between the countries. 

"A single currency is needed, but according to the experience of the European Union, we see that this requires a fairly large adaptation period, because pricing in Russia and Belarus is different. There is no control over prices in Russia, and in Belarus there is control over the maximum allowable. They have competition under the control of the state, we have complete arbitrariness in prices. So it will take us about a year or two in order to slowly switch all goods to new prices in a new currency," Arefyev said.

Another important task to be solved, Arefyev considers the choice of a common currency in which settlements will be made.

In any case, both countries need to work on creating a common currency. It will be easier to trade with her. Of course, there are difficulties, but they are surmountable

"Our currencies do not have global circulation, we can use them only in settlements with each other. As a result, either we or they have an excess money supply. Therefore, it is necessary to switch to one common currency," Arefyev added.

Earlier, Russian Foreign Minister Sergei Lavrov said that the BRICS countries need a single currency in order not to rely on Western countries and their financial mechanisms. He also expressed concerns about the short-sighted policy of the West in matters of finance.