Russia and 10 Southeast Asian Nations Explore National Currency Usage in Trade
In a recent interview with Indonesian newspaper Kompas, Russian Foreign Minister Sergey Lavrov discussed Russia’s efforts to settle trade with 10 Southeast Asian countries in national currencies. The interview highlighted both the challenges and opportunities of this new approach. Here are the key points:
- Russia aims to develop a multipolar world order, while the West seeks to maintain its hegemony.
- Western egocentrism has led to the search for alternative cooperation formats.
- Several countries, including Russia, are reducing their dependence on the U.S. dollar.
- The effectiveness of interstate associations, such as BRICS and the Shanghai Cooperation Organization, is increasing.
- Russia is focusing on strengthening its partnership with ASEAN and reinforcing stability in the Asia-Pacific region.
Furthermore, the 10 ASEAN member states are also intensifying their de-dollarization efforts. They have agreed to encourage the use of local currencies for economic and financial transactions among member states. Indonesia, in particular, is following the BRICS’ lead and has introduced a new national payment system to protect against possible geopolitical consequences.
Hot Take: A Shift Towards National Currencies
This move by Russia and Southeast Asian nations to explore national currency usage in trade signals a growing desire for financial independence and a more balanced global order. It challenges the dominance of the U.S. dollar and opens up new opportunities for cooperation among countries. While there are obstacles to overcome, such as the complexities of currency conversion, this shift has the potential to reshape the international economic landscape.
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