Putin suggests single currency for Eurasian Economic Union

The EEU came into existence in January 2015

Michael Fallon says he is worried that Vladimir Putin may use the same tactics as those in Crimea against Latvia, Luthuania and Estonia (Getty Images)

The states that make up the Eurasian Economic Union (EEU) should adopt a single currency, Russian president Vladimir Putin has said.

Mr Putin said a common currency could help members of the bloc fend off economic crisis.

"The time has come to start thinking about forming a currency union," Mr Putin said during a press conference on the Kazakh capital of Astana.

The Russian president was in town holding talks with Belarussian President Alexander Lukashenko and Kazakh President Nursultan Nazarbayev.

The EEU is an economic union which comprises Russia, Belarus, Kazakhstan and Armenia. Kyrgyzstan is also set to join the bloc.

The EEU currently gives its members freedom of movement and free trade, and brings together the nations under a common transport, agriculture and energy policy.

The union came into existence on 1 January 2015 and covers a single market of 170 people.

It is modelled on the European Union and features its own commission, development bank, and court.