Russia Involved in De-Dollarization Talks With the Islamic World to Create Independent Financial System – Russia is moving east in order to create a less polarized world, and is actively involved in discussions on de-dollarization and the creation of a new financial system independent of the existing hegemonies.
According to Russian Deputy Prime Minister Alexey Overchuk, the Russian Federation is now engaged in wide discussions with the Islamic world on these and other relevant issues.
During the international economic forum Russia-Islamic World: KazanForum, Overchuk stated: “Our relations with the countries of the Islamic world cannot but be influenced by the global shifts that are taking place and the global trends. We are talking about processes of de-dollarization and the creation of an independent financial system.”
In this regard, Russia has recently sought to build an alternative financial system that would allow them to transact with other countries without relying on SWIFT, the global banking linking system, and the US dollar, as the Group of Seven (G7) intends to further restrict Russian access to the financial system.
These discussions, however, are not restricted to the previously listed themes, but are merely inscribed into broader concerns such as deglobalization and how to deal with shifting trends in how investments are moving in countries in the current geopolitical situation.
Overchuk expressed his optimism about the result of the meeting, citing the common difficulties that Russia and these countries face. Overchuk declared: “This broader agenda and how it affects countries and relationships enables 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.”
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Russia recently tightened connections with Iran by announcing the construction of the Rasht-Astara railway, a route intended as a challenger to the Suez Canal that would connect India, Iran, Russia, Azerbaijan, and other Islamic world countries with 162 kilometers of railway.