Russian ambassador to Indonesia says two countries discuss settlements in national currencies

Russia and Indonesia are discussing the possible use of national currencies in bilateral settlements, Russian Ambassador to Jakarta Sergei Tolchenov said on January 20.

"Russia's release from SWIFT has made it very difficult for us to use financial settlements in U.S. dollars. That's why we have to find suitable ways to use national currencies. This is what Russian and Indonesian financial institutions are working on. <...> We are already discussing systems [of using national currencies]," he told The Jakarta Globe.

In the diplomat's assessment, the most important thing in this situation is to find mutually beneficial solutions.

In addition, Tolchenov touched on the topic of de-dollarization within the BRICS. He specified that the association is currently focused on promoting the use of national currencies, not on the creation of a new one.

Settlement pass: Thailand ready to trade with Russia in national currencies

In the long term, the Philippines could switch to such payments

Earlier, on January 6, the government of Brazil, which serves as the BRICS chair in 2025, officially announced Indonesia's entry into the association. The Russian Foreign Ministry noted that this will help further strengthen the authority of BRICS and the cohesion of the Global South and East on the way to the formation of multipolarity.

Last November, Deputy Head of the Russian Presidential Administration Maxim Oreshkin noted that the BRICS states will actively use national currencies in settlements.

BRICS is an interstate association of countries. On the eve of the summit in Kazan, held from October 22 to 24, 2024, 35 applications were received for joining the association. On January 1, 2025, Belarus, Bolivia, Kazakhstan, Kazakhstan, Cuba, Malaysia, Thailand, Uganda and Uzbekistan joined the BRICS as partners.