Moscow: Malaysian Companies Opt for Chinese Yuan and UAE Dirhams in Trade with Russia

According to Haifil Alami Jamil, Commercial Counselor of the Malaysian Embassy in Russia, some Malaysian companies have started using Chinese yuan and UAE dirhams as settlement currencies in their transactions with Russian counterparts.

Preference for Yuan in Bilateral Trade

Jamil further revealed that the yuan is more commonly used in bilateral trade between Malaysia and Russia compared to the dirham.

Low Demand for Ruble and Malaysian Ringgit

Despite the shift in currency preference, the demand for the ruble in Malaysia and the Malaysian ringgit in Russia remains relatively low, according to the embassy adviser.

In January, Jamil informed the News Agency that Malaysian authorities were considering conducting trade with Russia using national currencies. However, the limited volume of trade posed a challenge to this plan.