Russia and Southeast Asia embrace local currencies

TL;DR Breakdown

  • Russia has initiated talks to trade using national currencies with 10 Southeast Asian countries.
  • This move aligns with a global trend of reducing reliance on the US dollar in international trade.
  • Russia seeks to foster a multipolar world order and views this as a step towards reducing Western dominance in global affairs.

Description

As a seismic shift echoes through the world of international commerce, Russia has initiated discussions on conducting trade with ten Southeast Asian nations through their respective national currencies. These nations are members of the Association of Southeast Asian Nations (ASEAN), comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. This strategic maneuver … Read more

As a seismic shift echoes through the world of international commerce, Russia has initiated discussions on conducting trade with ten Southeast Asian nations through their respective national currencies.

These nations are members of the Association of Southeast Asian Nations (ASEAN), comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.

This strategic maneuver coincides with a global trend in which nations are increasingly seeking alternatives to the US dollar in their financial transactions.

A New Order in the Global Economy

Sergey Lavrov, Russia’s Foreign Minister, has been at the forefront of this groundbreaking initiative, clarifying that Russia’s motives do not stem from a desire to instigate a “new cold war.”

Rather, he explained that Russia is dedicated to fostering a multipolar world order that would counterbalance the hegemony of the West, particularly the US.

According to Lavrov, the Western powers are seen as hampering and attempting to reverse this shift, opting instead to sustain their global dominance and pursue neo-colonial agendas at the expense of others.

Lavrov asserted that this Western-centrism, which often sidelines the interests of the Global South and East, spurs the search for alternative cooperation formats in various fields.

This sentiment has been reinforced by recent confiscation of Russia’s foreign reserves in the US and Europe, which has led to a growing awareness in the international community of the potential risk of tangible assets seizure within Western jurisdictions.

Decentralization: A Growing Trend

Russia is not alone in this pursuit. Several nations are systematically reducing their reliance on the US dollar, exploring alternative payment and calculation systems using national currencies.

According to Lavrov, this transition has bolstered the efficacy of interstate associations where Western countries do not participate, citing the BRICS (Brazil, Russia, India, China, and South Africa) and the Shanghai Cooperation Organization as notable examples.

In addition to these initiatives, Russia is keen on maintaining a constructive presence on various international platforms, such as the United Nations.

Highlighting Russia’s close association with Indonesia, the current chair of ASEAN, Lavrov indicated his intention to attend an upcoming ASEAN ministerial-level meeting in Jakarta.

He underscored Russia’s commitment to cultivating a strategic partnership with the association, which spans over three decades.

The Road Ahead: Russia Strengthening Ties with ASEAN

As part of its strategy, Russia is keen on reinforcing the infrastructure established around ASEAN to promote stability and cooperation within the Asia-Pacific region.

Practical cooperation interests between Russia and ASEAN nations, including Indonesia, will be advanced with the commencement of consultations on the use of national currencies in mutual settlements.

The ASEAN member states are also echoing the trend of de-dollarization. In May, they agreed to “encourage the use of local currencies for economic and financial transactions among ASEAN member states.”

This aligns with initiatives such as the new national payment system introduced by Indonesia to further its de-dollarization efforts and safeguard against potential geopolitical consequences.

In summary, Russia’s move to engage with ASEAN countries in trade through national currencies symbolizes a significant turn in the global financial landscape.

As nations increasingly seek to decouple their economic activities from the US dollar, the repercussions of this shift are poised to redraw the contours of global commerce and diplomacy.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Russia and Southeast Asia embrace local currencies

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月16日 06:08
Next 2023年7月16日 08:03

Related articles

  • Prominent trader Brandt says Bitcoin halving and ETF are negligible events

    TL;DR Breakdown Prominent trader Brandt has argued that the eagerly anticipated U.S. approval of a Bitcoin ETF and the impending halving will not be significant events. He argues that the success of Bitcoin depends on its dominance over other currencies and assets rather than external correlations. Description Peter Brandt, a well-known trader and market analyst, has expressed differing opinions on two Bitcoin events. He argues that the eagerly anticipated U.S. approval of a Bitcoin ETF and the impending halving will not be significant events. This viewpoint goes against the general market mindset, which anticipates these occurrences as major market movers. Brandt dismisses … Read more Peter Brandt, a well-known trader and market analyst, has expressed differing opinions on two Bitcoin events. He argues that the eagerly anticipated U.S. approval of a Bitcoin ETF and the impending halving will not be significant events. This viewpoint goes against the general market mindset, which anticipates these occurrences as major market movers. Brandt dismisses Bitcoin halving and ETF approval impact Brandt has objected to the excitement around two crucial Bitcoin events: the impending halving…

    Article 2023年7月29日
  • Binance initiates token burn and delisting for BUSD and TUSD pairs

    TL;DR Breakdown Binance burns idle Binance-pegged BUSD tokens across various blockchain networks. The exchange will also be delisting trading pairs associated with TUSD (TrueUSD). This move by the exchange comes as the exchange grapples with changes in the BUSD ecosystem. Description Cryptocurrency exchange giant Binance has taken significant steps in its ongoing process of disengagement from its stablecoin BUSD. The exchange announced a token burn for idle Binance-pegged BUSD tokens across various blockchain networks.  Additionally, Binance will be delisting trading pairs associated with TUSD (TrueUSD), another stablecoin traded on the platform. This move follows a series … Read more Cryptocurrency exchange giant Binance has taken significant steps in its ongoing process of disengagement from its stablecoin BUSD. The exchange announced a token burn for idle Binance-pegged BUSD tokens across various blockchain networks.  Additionally, Binance will be delisting trading pairs associated with TUSD (TrueUSD), another stablecoin traded on the platform. This move follows a series of previous announcements regarding the delisting of BUSD trading pairs, signalling a strategic shift for the exchange. The exchange made this important announcement via its official…

    Article 2023年9月15日
  • UK government’s shocking rejection of crypto regulation sparks controversy

    TL;DR Breakdown The UK government has rejected a proposal from lawmakers to regulate cryptocurrencies in a manner similar to gambling, arguing that its existing plans are better suited to address the risks associated with events like the collapse of FTX. The UK government highlighted that adopting gambling regulation for cryptocurrencies would significantly deviate from its intended approach, which aligns with the recommendations put forth by global standard-setting bodies. The government cautioned that such divergence in regulation could lead to the crypto industry moving offshore, which is contrary to its goal of fostering the UK as a crypto hub. Description The UK government has rejected a proposal from lawmakers to regulate cryptocurrencies in a manner similar to gambling, arguing that its existing plans are better suited to address the risks associated with events like the collapse of FTX, a prominent crypto exchange. The rejection was outlined in a document published on Thursday, which responded to … Read more The UK government has rejected a proposal from lawmakers to regulate cryptocurrencies in a manner similar to gambling, arguing that its existing plans…

    Article 2023年7月21日
  • FCA to swiftly address bank service denials to UK politicians

    Description The Financial Conduct Authority (FCA) is tightening the noose. While some regulators might tread lightly, hesitant to shake up the establishment, the FCA shows no such restraint. They’ve drawn a line in the sand, promising swift action against any financial institution that’s found playing dirty, particularly against politicians and their kin. Balancing Risk Assessment and … Read more The Financial Conduct Authority (FCA) is tightening the noose. While some regulators might tread lightly, hesitant to shake up the establishment, the FCA shows no such restraint. They’ve drawn a line in the sand, promising swift action against any financial institution that’s found playing dirty, particularly against politicians and their kin. Balancing Risk Assessment and Fair Treatment Banks, notorious for their love of red tape, have a new focus: “politically exposed persons” (PEPs). The term’s fancy, but the concept is straightforward. These are individuals, primarily politicians and their families, who due to their position may be at a higher risk for corruption. But here’s the twist. Instead of providing these PEPs with the financial services they need, some banks appear to…

    Article 2023年9月6日
  • AI revolutionizes brain tumor management with advanced diagnosis, treatment, and prognosis

    TL;DR Breakdown The examination of medical imaging data by AI-powered systems shows promise in the fight against aggressive brain cancers. This paves the way for preventative measures and individualized care. According to a study that was written up in a respectable scientific journal, the AI technology accurately and successfully detected particular traits including tumor margins, infiltration patterns, and nearby essential structures Surgeons use AI tools to do precise resections and minimize brain tissue damage during brain tumor surgery. AI could expedite research and therapy development for aggressive brain cancers. Description The study, which was carried out by a group of scientists and medical experts, has shown how effectively an AI tool can provide crucial information to help surgeons during brain tumor surgery.  The AI technology finds important traits and patterns that can help with surgical decision-making by evaluating complicated information and applying cutting-edge algorithms. AI … Read more The study, which was carried out by a group of scientists and medical experts, has shown how effectively an AI tool can provide crucial information to help surgeons during brain tumor surgery. …

    Article 2023年7月10日
TOP