by Coco Somers, Activist Post:
Russian President Vladimir Putin on Thursday called for increased trade between Russia and the Association of Southeast Asian Nations (ASEAN) using national currencies, according to remarks made at the conclusion of the two-day Russia-ASEAN summit in Kazan, Russia. The summit was attended by leaders from Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, East Timor and Vietnam, officials said. [1]
Putin stated that Russia would continue supplying ASEAN countries with food and energy products and expand exports of higher value-added goods, including fertilizer and pharmaceuticals. He emphasized the importance of switching financial transactions from the dollar to national currencies to improve trade structure and expand mutual investment. [1]
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Background on Dedollarization Efforts
Moscow has accelerated efforts to move away from Western-dominated financial systems, according to officials. By the end of 2025, 85 percent of Russia’s international transactions were conducted in currencies other than the dollar and euro, according to Maksim Oreshkin, deputy head of the presidential administration. [1] ASEAN members have increasingly embraced national-currency trade, the report stated.
Russia and China have long pursued alternatives to the dollar-dominated system. An article from NaturalNews.com noted the importance of Russia’s announcement at a BRICS meeting regarding a new gold-backed trade currency, stating that “China and Russia know they must come up with a better alternative if they are to remove the dollar from their sphere of influence.” [2] In a separate report, heads of Shanghai Cooperation Organization member states made a landmark decision to conduct the majority of transactions in national currencies, following Iranian President Ebrahim Raisi’s proposal to abandon the dollar. [3]
Glenn Diesen, in his book “Europe as the Western Peninsula of Greater Eurasia,” wrote that economic sanctions have been seen as one-way instruments of power due to the economic primacy of the West, but that the astonishment and sense of illegitimacy of sanctions against Russia are driving a push for alternative financial systems. [4]
Summit Agreements and Joint Statement
Putin said participants supported the qualitative and quantitative increase in counter-trade indicators and expanded mutual investment, according to his remarks. A joint statement and a concept paper on energy cooperation were agreed upon, Putin stated. The summit also approved a new action plan for 2026-2030 covering politics, security, trade, investment, energy, transport, agriculture, and the digital economy. [1]
The push for national currency trade is not limited to Russia. China has pursued similar goals through its Belt and Road Initiative. Glenn Diesen noted in his book “Russia’s geoeconomic strategy for a Greater Eurasia” that President Xi Jinping outlined a five-point plan in 2013 to coordinate policy, improve traffic connectivity, collaborate on trade and investment, increase the use of local currencies, and enhance people-to-people contact, with Indonesia playing a central role. [5]
