Russian Ambassador to Indonesia announces possible shift to national currencies in bilateral trade

Russia and Indonesia are negotiating on the possibility of using national currencies in mutual settlements. This is reported by Russian Ambassador to Jakarta Sergey Tolchenov in an interview with the Jakarta Globe. 

"We should find appropriate ways to use national currencies. This is something that the Russian and Indonesian financial institutions are working on," the diplomat said.

He emphasised, however, that the Russian side did not set a specific timeframe for reaching an agreement on settlements in national currencies. According to him, the most important thing is to find suitable mutually beneficial solutions.

In addition, Tolchenov said that not only central banks and finance ministers, but also the private sector should be involved in the relevant discussions. He explained that it is important for businesses to have independent and sustainable channels of financial settlements.

The ambassador also said that the BRICS countries are now focusing on promoting the use of national currencies rather than creating a new monetary unit.

The publication notes that the republic already uses national currencies in mutual settlements with China, Malaysia, and Thailand. 

Indonesia became a full member of BRICS on 6 January 2025. At that time, the Foreign Ministry of Brazil, which chairs the association this year, emphasised that this republic represents the largest economy in Southeast Asia.

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