The Eurasian Economic Union (EAEU) and Indonesia are on the verge of finalizing an agreement to conduct trade settlements in their respective national currencies, according to Russian Ambassador to Indonesia Sergey Tolchenov.
Tolchenov made the remarks in Yekaterinburg, indicating that negotiations have reached an advanced stage.
The deal would allow bilateral trade to bypass the US dollar, a move that aligns with broader efforts by Moscow and its partners to reduce reliance on Western financial infrastructure amid ongoing geopolitical tensions.
For traders and investors, the agreement represents a structural shift in payment mechanisms for energy and commodity exports from the EAEU to Southeast Asia.
While the immediate market impact is likely muted, the long-term implications could include increased demand for the ruble and Indonesian rupiah in cross-border transactions, as well as potential volatility in USD/NOK and USD/IDR pairs as trade flows adjust.
The development comes as Indonesia prepares a series of long-term strategic programs, including multi-year funding schemes, which may benefit from more stable and direct currency arrangements with key trading partners.