Russia and Islamic World Discuss De-Dollarization, Creation of Independent Financial System: Report

Russia and Islamic nations are discussing de-dollarization and the state of the global financial system, according to a new report.

Russia’s Deputy Prime Minister Alexey Overchuk says the talks are part of an overall look at “current global shifts”, reports the Russian state-funded news organization TASS.

Overchuk says the agenda is focused on de-dollarization, financial independence, industrial production, energy and food security.

“Of course, our relations [with Islamic countries] are influenced by global shifts that are taking place and global trends. We are talking about processes of de-dollarization and the creation of an independent financial system.

This broader agenda and how it affects countries and relationships allows us to see that relations between Russia and the Islamic states have a very large and very positive future. The government is doing a lot to ensure further development along these lines.”

Russia has expanded its financial ties to Iran after facing a wave of international sanctions due to its invasion of Ukraine.

Russia’s second-biggest bank, VTB, just opened a representative office in Iran, reports Forbes. Meanwhile, two Iranian banks are preparing to open physical locations in Russia.

According to Russia’s Deputy Prime Minister Alexander Novak, about 80% of mutual settlements between Russia and Iran are now settled using rials and rubles, and not the US dollar.

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