The Russian president discussed de-dollarization at the Russia-ASEAN summit in Kazan which was attended by the leaders of the group’s 10 member states
Russia and Southeast Asian nations should conduct more trade in their national currencies, Russian President Vladimir Putin has said.
Speaking after the second day of the Russia-ASEAN summit in Kazan on Thursday, which was attended by the leaders of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, East Timor and Vietnam, Putin said Russia would continue supplying the ASEAN countries with food and energy products and expand exports of higher value-added goods, including fertilizer and pharmaceuticals.
“The participants expressed their support for the qualitative and quantitative increase in the counter-trade indicators, to improve its structure and expand mutual investment. To do this, it is important to switch from financial transactions [in dollars] to national currencies,” Putin said.
He also called for the removal of trade barriers and the expansion of maritime and rail transport links, saying summit participants backed stronger trade and a more multipolar world order.
Putin made the remarks alongside Philippine President Ferdinand Marcos Jr., whose country will chair ASEAN in 2026.
He said Russia and ASEAN had agreed upon a joint statement and a concept paper on energy cooperation that would serve as a roadmap for practical cooperation between the two sides in the sector.
The summit also approved a new action plan for 2026-2030 which sets out ways to increase cooperation in areas such as politics, security, trade, investment, energy, transport, agriculture, the digital economy, and science and technology.
The June 17-19 summit in Kazan marks 35 years of relations between Russia and the Association of Southeast Asian Nations (ASEAN).
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