Indonesian Minister of Industry Agus Gumiwang Kartasasmita announced that steps are being taken to expand the use of local currencies in trade relations with Russia.
In a statement to RIA Novosti and RT, Kartasasmita said that a move has begun to use local currencies or Indonesia's Local Currency Settlement scheme in trade between the two countries to reduce risks from global financial pressures.
Boost to cooperation
The minister stated that expanding payments in national currencies could give additional momentum to the development of bilateral cooperation.
"This, of course, will strengthen the perception that cooperation between the two countries can develop better. This cooperation must be truly balanced, mutually beneficial, and based on the national interests of both sides," he said.
Path to broader agreements
Kartasasmita added that developing payment mechanisms in national currencies could be part of broader agreements between Moscow and Jakarta.
The minister said, "Ultimately, all this will lead to broader agreements between Russia and Indonesia."
Indonesia will serve as the partner country for the international INNOPROM industrial fair to be held in Yekaterinburg in 2026.