Russia is seeking allies to shift trade away from the greenback and quicken the pace of de-dollarization, deputy prime minister says

• Russia is seeking partners to quicken the pace of de-dollarization, Russia's deputy prime minister Alexey Overchuk said.
• The nation could create an independent financial system with Islamic countries.

Russia is looking for partners to quicken the pace of de-dollarization, and could strengthen its ties particularly with Islamic nations as it shifts away from dollar trade, according to Russia deputy prime minister Alexey Overchuk said.

"Of course, our relations with [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," Overchuk said at an economic forum on Friday, per a report from Russian news agency Tass.

Ties between Russia and Islamic countries also have a "positive future," Overchuk said, given Russia's alignment on issues like energy, food, and de-globalization.

"The government is doing a lot to ensure further development along these lines," he added.

Russia has been strengthening its partnerships with its allies since beginning its invasion of Ukraine last year, which resulting in widespread sanctions from Western nations. After being banned from the international financial communication system, Russia has made a prominent effort to shift away from use of the US dollar, demanding payments for goods in its own currency, and even combining its banking system with Iran. It's has also laid plans to create a new global reserve currency with China and other BRICS nations to mount a challenge to the greenback in global trade.

The shift away from the US dollar is already beginning to take place, Russia's foreign minister Sergey Lavrov said, though experts have argued de-dollarization fears are largely overblown. The greenback has been the dominant reserve currency for decades, and its usage has seen only a minimal decline in recent years, economists told Insider.