Malaysia and Russia weigh using ruble, ringgit to boost trade

[KUALA LUMPUR] Malaysian Prime Minister Anwar Ibrahim and Russian President Vladimir Putin discussed using local currencies in bilateral trade as part of efforts to strengthen economic ties.

The leaders discussed “exploring mechanisms” to expand bilateral trade and investment using the ringgit and ruble, according to a statement from Malaysia’s Prime Minister’s Office on Thursday (Jun 18).

They also reviewed opportunities for greater energy cooperation, including Russia’s commitment to long-term collaboration on energy and oil supplies. The two also explored ways to expand economic ties.

Anwar is in Kazan, some 800 km east of Moscow, to attend a two-day summit that Putin is hosting for Asean leaders that ends on Thursday.

Russia has emerged as a key energy supplier to South-east Asia after the US-Israel war on Iran effectively closed the Strait of Hormuz, disrupting oil and gas supplies vital to the region’s roughly 680 million people. BLOOMBERG, REUTERS