The Russian president discussed de-dollarization at the Russia-ASEAN summit in Kazan, which was attended by the leaders of the group’s ten member states.
Russia and the nations of Southeast Asia 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 his country would continue supplying the ASEAN members 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.
Moscow has accelerated efforts to move away from the Western-dominated financial system by trading with international partners in their national currencies, a trend increasingly embraced by ASEAN members. By the end of 2025, 85% 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.
Putin 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.
The Russian leader made the remarks alongside Philippines 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.
Putin also noted that ASEAN countries shared Russia’s position on a number of global issues, including the memorandum of understanding between the US and Iran to end hostilities.
“We unanimously welcomed the agreements reached by the Iranian and American sides to end the military conflict and work on the parameters of a future peace agreement,” he said, adding that he expected the situation in the Middle East and the Persian Gulf to stabilize, with a positive impact on global markets.
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).
This is all about the US keeping the petrodollar. Basically, all oil and petroleum is traded in USD. You need to trade with the US on their terms to get USD. I understand the US receives about 3% of every trade in oil.
It’s about time the west recognises Russia is not the enemy. Russia has been very accommodating. Recently our oil comes from Russia. The chain is Russia, Singapore refinery then petrol, diesel etc to NZ. Australia buys oil from Russia direct.
There was an agreement Ukraine would never join NATO. Ukraine and NATO broke that promise. Russia reminded the west about the agreement. Russia had no option, but to defend that neutral zone. Why is this important? Well it gives time to comsider nuclear incoming threats.
A similar situation occurred in the 1960’s when Russia shipped about 30 Nuclear. wepons to Cuba. About 90 miles off the US coast. It was unworkable and had the potential to cause a nuclear exchange.
Hope to visit Russia someday. Visit some of the war museums. See some famous sites, meet the locals.