Russian President Vladimir Putin and his Belarusian counterpart, Alyaksandr Lukashenka, meeting in Minsk on 30 November, endorsed a draft accord on the introduction in 2005 of the Russian ruble as the Belarus-Russia Union's single currency

Russian President Vladimir Putin and his Belarusian counterpart, Alyaksandr Lukashenka, meeting in Minsk on 30 November, endorsed a draft accord on the introduction in 2005 of the Russian ruble as the Belarus-Russia Union's single currency and the establishment of a single money-printing center. Lukashenka told journalists that Russia will provide loans to help stabilize the Belarusian ruble before the monetary merger, but he did not disclose the sum. Putin warned Lukashenka that the development of the union means its members will have to give up part of their sovereignty. "We want the union state's bodies to have [real] powers, and this requires renouncing some part of sovereignty. This is a very subtle process: any decision in this sphere cannot be made without public consent. It cannot be delayed but it is also unnecessary to make hasty decisions," Belapan quoted Putin as saying.