Russia proposes local currency initiative to entice trade with Asean nations

Russian Foreign Minister Sergey Lavrov. - Laotian Times

VIENTIANE (Laotian Times): Russian Foreign Minister Sergey Lavrov proposed the use of local currencies while urging the revitalization of trade between Russia and Southeast Asian nations during a recent forum in Jakarta.

Lavrov proposed the use of national currencies instead of the US dollar to bypass Western sanctions imposed after Russia’s intervention in Ukraine in 2022. Russia highlighted that trade between Russia and Asean member states had dropped by 4.4% due to the sanctions.