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Russia Involved in De-Dollarization Talks With the Islamic World for an Independent Financial System

Russia Talks De-Dollarization With Islamic Nations

Russia is veering to the east in order to build a less polarized world and is currently involved in talks about de-dollarization and the construction of a new financial system away from the dominance of the traditional hegemonies. According to Russian Deputy Prime Minister Alexey Overchuk, the Russian Federation is currently in broad talks with the Islamic world that include these subjects and other related topics.

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 sense, Russia has been recently seeking the construction of an alternative financial system to let them transact with other countries without relying on SWIFT, the global banking linking system, and the U.S. dollar, as the Group of the Seven (G7) intends to further restrict Russian access to the financial system.

Deglobalization on the Table

However, these talks are not limited to the previously mentioned topics but are merely inscribed into more comprehensive subjects that include deglobalization and how to deal with the changing trends in how investments are moving in the countries in the current geopolitical context.

Overchuk explained he was positive about the outcome of these talks, remarking on the common problems that Russia and these countries are facing. 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.

Russia has recently narrowed its relations with Iran, announcing the construction of the Rasht-Astara railway, a route prompted as a rival to the Suez Canal that would connect India, Iran, Russia, Azerbaijan, and other countries part of the Islamic world with 162 km of railway.

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