Русский
BRICS member Russia is hoping to be able to use local currencies when trading with Indonesia one day, although Moscow has not set a target for when the use of the rupiah and the rouble in bilateral commerce could take place.
Russia has sent several of its top officials to Indonesia in an effort to strengthen economic ties between the countries. Earlier this year, Sergei Tolchenov, the Russian ambassador to Indonesia, said the two countries were discussing the possible use of national currencies. Tolchenov also touched upon the topic of de-dollarisation within BRICS. He clarified that the association is currently focused on promoting the use of national currencies rather than creating a new one.
Russian Deputy Minister of Industry and Trade Alexei Gruzdev said on the sidelines of the Russia-Indonesia Business Forum held in Jakarta in April this year: ‘Settlements in national currencies are one of the [discussed] options. Currently, we [Russia] are already trading in currencies alternative to the US dollar and the euro. We see great prospects for national currencies as it provides stability.’
“But it is also for the banks to be more active. That is what we advocate for – to have direct correspondent accounts that would serve the bilateral trade,” Gruzdev said.
Western sanctions have shut Russia out from international payments and the dollar-driven settlement systems. Russia has a few local currency settlement deals, namely with India and China. Reports show that Russian rubles and Chinese yuan already made up over 90 percent of their bilateral trade.
The rouble and rupee have also become the go-to currencies when Russia does business with India.
BRICS is a coalition of developing countries that includes 45 per cent of the world’s population and almost 40 per cent of the total land area, bringing together more than 30 per cent of the world economy. One of the key areas of BRICS’ work is to reduce dependence on the US dollar in international trade. Full members are Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
Russian-Indonesian trade is developing positively despite global challenges. Over the past five years, bilateral trade increased by over 80 percent, reaching $4.3 billion in 2024, when Indonesia became one of Russia’s top three foreign trade partners among ASEAN nations.
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