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Russia, Thailand discuss switching to local currency transactions

Russia has been working with Thailand for some time to establish a direct container shipping route between the two countries, particularly linking the Russian city of Novorossiysk with Bangkok.

​Moscow (VNA) – Russia and Thailand have agreed on the need to switch to local currency payments in bilateral trade, according to Vladimir Kovalev, Executive Director of the Russia-Thailand Business Council (RTBC), following the recent Russia-ASEAN Commemorative Summit in Kazan.

​The two sides agreed that a transition to local currency settlements and the simplification of payment procedures are essential. They are also interested in developing seamless payment solutions. Kovalev emphasised that the necessary mechanisms to support such a transition have already been established.

​According to the official, logistics remains one of the key challenges in Russia-Thailand cooperation. He said Russia has been working with Thailand for some time to establish a direct container shipping route between the two countries, particularly linking the Russian city of Novorossiysk with Bangkok.

​Insurance and leasing were also among the issues discussed by the two sides in Kazan.

​Kovalev underscored the importance of political support in advancing these initiatives. He expressed optimism about future discussions, noting that Thai partners have shown interest in Russian payment instruments./.​

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