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).