MOSCOW—Russian President Vladimir Putin suggested a shared currency amongst Russia, Belarus and Kazakhstan on Friday during the Eurasian Economic Union Summit, World Bulletin reports.

 

During a press conference in Kazakhstan’s capital Astana, where the summit was held, the Russian president proposed a “joint action plan” against a possible economic crisis.

Putin said that if the member countries of the Eurasian Economic Union stand “shoulder to shoulder,” it would be easier to protect the financial market.

Kazakhstan president Nursultan Nazarbayev said, “The year 2015 will be a durability test for the member countries of the Eurasian Economic Union. The member countries of the union should cooperate and debate more.”

Nazarbayev told reporters that the joint action plan would address the decline of oil prices and the regional fluctuations caused by the Ukrainian civil war.

At the summit, Belarus president Alexander Lukashenko said the member countries should follow the principles within the mechanism of the union.

Lukashenko said that there have been accusations of “conflict” between the members of the union, just because differing views have been expressed. The gathering of the heads of state from all three countries for the celebration of the 70th anniversary of the defeat of the Nazi Army by the Soviet Union on May 8 will be the best answer to those allegations, Lukashenko said.

The Russia-led Eurasian Economic Union came into force on Jan. 1, 2015, and it is seen as an alternative to the European Union for Russia and former Soviet countries.

The basis of the organization is to allow the free movement of goods, services, capital and workforce among the member states, and for them to conduct common policies in key sectors of the economy, such as energy, industry, agriculture and transport.

Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia are the five members of the union. Armenia was absent from Friday’s summit.