MOSCOW (RIA Novosti) – Russia, Belarus and Kazakhstan may introduce a single currency in the future within the Eurasian Economic Union between the three former Soviet republics, a new entity meant to promote cooperation both with Europe and the Asia-Pacific region, Russian Prime Minister Vladimir Putin said on Thursday.

“I think we’ll reach a level [of integration] as a result of the negotiating process and find a compromise when we are able to have a common currency and agree macroeconomic policies,” Putin said during his televised Q&A session with the nation.

In November, the Russian, Belarusian and Kazakh presidents signed a declaration on Eurasian economic integration, a roadmap of integration processes aimed at creating the Eurasian Economic Union, which will be based on the Customs Union and common economic space among the three countries.

“This is real integration with a further transfer of some functions to a supranational body. This is not a revival of the Soviet Union, this is a process to fully keep the independence of these states and their political independence but with the goal of increasing our competitiveness in the global economy, giving a new impetus to development and ensuring higher living standards for our citizens,” Putin said.