Indonesia is considering exporting more crude palm oil to the Eurasian Economic Union, particularly Russia, due to Western criticism of Russia's conflict with Ukraine. The UEE has 183 million customers and a 2.4 trillion dollar GDP. Indonesia and Russia identified three challenges and solutions in the discussion: Russian banks cannot issue international trade letters of credit (LC), Russian logistical expenses are exorbitant, and Russia's black CPO and derivatives campaign. Indonesian CPO and derivative product exports to Russia have remained between 630,000 and 735,000 tons in the five years from 2018 to 2022. Indonesia's trade deficit with Russia was 794.1 million dollars in 2022.Indonesia, Malaysia, and other palm-producing nations are meeting with the EU Council and Parliament in Brussels on 30-31 May 2023 to discuss the EU Free Deforestation Act (EUDR). The joint mission will consider ways to make these regulations less burdensome and harmful, especially for oil palm smallholders and other EUDR-regulated commodity producers. Saudi Arabia is interested in importing 200-300 tons of Indonesian cooking oil with certain characteristics, such as CP4, CP6, and CP10. In 2020-2022, Indonesian cooking oil exports to Saudi Arabia increased, worth US$89.43 million in 2020 and US$259.02 million in 2021 and 2022.https://www.kompas.id/baca/ekonomi/2023/05/30/ri-jajaki-peningkatan-ekspor-cpo-ke-uni-ekonomi-eurasia (ICE GIACARTA)

Fonte notizia: Kompas - 31 May 2023