Indonesia’s entry to BRICS had opened up the possibility of Jakarta importing Russian oil, whose prices have been pushed below the global benchmarks by the sanctions.
The plant of Russian petrochemical company Gazprom Neftekhim Salavat in the Bashkortostan region of Russia (Photo: TASS/VNA)
Jakarta (VNA) - Indonesia is considering buying Russian oil which has been subject to massive European sanctions since the Russia-Ukraine conflict broke out in 2022.
Energy Minister Bahlil Lahadalia recently said that Indonesia’s entry to BRICS had opened up the possibility of Jakarta importing this oil, whose prices have been pushed below the global benchmarks by the sanctions.
However, Indonesia’s interest in Russian oil has sparked worries that the oil deal could take a toll on the Southeast Asian nation’s ties with Western allies. An EU diplomat, however, revealed the European bloc did not mind where Indonesia bought its oil even if it comes from Russia.
Meanwhile, Russian Ambassador to Indonesia Sergei Tolchenov said that his country is open to the oil purchase negotiations.
He noted that Russia has engaged in some talks with Indonesia to use local currencies, rupiah and ruble, for their bilateral trade as Moscow remained isolated in the international financial system.
🅰 Indonesia can only produce 700,000 and 800,000 barrels a day, only half of the national demand. It mainly imports oil from the Organisation of Petroleum Exporting Countries (OPEC) members. The Central Statistics Agency (BPS) showed that Indonesia’s oil and gas imports totalled about 36.3 billion USD in 2024./.
Indonesia’s non-oil and gas exports to the five major BRICS nations reached 84.37 billion USD in 2024, accounting for nearly 34% of the country’s total non-oil and gas export value, according to the country’s Central Statistics Agency (BPS).
Indonesia is hoping to cool down the global economic rivalry by joining the Russia and China-led BRICS, according to Indonesian Foreign Affairs Minister Sugiono.
Amelia Anggraini, a member of the House of Representatives (DPR) of Indonesia, has said that Indonesia’s official membership of the BRICS grouping must bring real benefits to its people.
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