Russia and Indonesia are exploring the possibility of using their national currencies for bilateral trade settlements, Russian Ambassador to Indonesia Sergey Toltchenov revealed in an interview with the Jakarta Globe.
“Russia's disconnection from SWIFT has significantly complicated financial transactions in US dollars. Therefore, we need to find suitable mechanisms to use national currencies. Russian and Indonesian financial institutions are working on this,” Toltchenov explained.
The ambassador emphasized that Moscow is not imposing strict deadlines for reaching an agreement on national currency settlements. “The most important thing is to find appropriate and mutually beneficial solutions,” he stated. Toltchenov also highlighted the need for private sector involvement alongside central banks and finance ministries, as "businesses seek independent and sustainable financial settlement channels."
The diplomat noted that BRICS is currently focused on promoting the use of national currencies rather than creating an entirely new currency. “I hope Indonesia’s recent membership in BRICS will help resolve issues related to payment systems,” he added.
Earlier, Mari Elka Pangestu, Deputy Chair of Indonesia's National Economic Council, stated that the process of dedollarization in the global financial system is inevitable. She emphasized that every country has the right to choose its preferred currency for financial transactions.
GSV "Russia - Islamic World"
Photo: Federation Council
Based on TASS materials