Jakarta. Indonesia and Russia have yet to reach a deal on crude oil purchase despite Moscow sending its top government official to Jakarta.

When Indonesia first joined the Russia-led BRICS early this year, Jakarta floated a plan to buy cheap Russian oil to meet domestic demand -- something that Moscow welcomed positively. A few months later, Russia's First Deputy Prime Minister Denis Manturov flew to Jakarta to forge closer economic ties with the Southeast Asian nation. Manturov also co-led a joint commission meeting alongside senior minister Airlangga Hartarto on Tuesday. Speaking to reporters after the talks, Airlangga’s aide Edi Prio Pambudi revealed that both sides were still far from reaching a deal on Russian oil imports.

“No, no [deal] yet. We are still exploring things and looking at all the possibilities,” Edi said.

The Indonesian chamber of commerce Kadin -- who was present at the meeting -- told the press that there were indeed talks of increasing energy trade. However, the meeting did not specifically refer to crude oil imports, Kadin claimed. Reports show that Indonesia only produces 700,000 barrels of oil per day or just half of what the country needs. The gap forces Indonesia to look for foreign sources for oil.

In January, Energy Minister Bahlil Lahadalia revealed that Indonesia’s accession to BRICS had opened up opportunities for the country to acquire Russian oil. According to Bahlil, a large part of Indonesian oil imports come from the Middle East.

BRICS is a bloc of emerging economies which brings together Brazil, Russia, India, China, South Africa, among others. It also comprises Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates. Throughout Manturov’s visit, Jakarta’s BRICS entry often got hailed as a major milestone in its relations with Moscow.

When the news of the oil import plans broke, Russian diplomat Sergei Tolchenov said his country was ready to work with Indonesia.

Russian oil has been subject to widespread European sanctions since the Russo-Ukraine war escalated in 2022, thus slashing its price. Prices of Russia’s flagship Urals crude even fell to its lowest level since 2023 amid the fast-worsening trade war between the US and China following Washington’s tariff policy, according to Reuters earlier this month. Russian Urals oil prices for cargoes loading from Primorsk, Ust-Luga, and Novorossiysk ports even dropped to around $53 per barrel.

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