Russia and Islamic World Deepen Ties on De-Dollarization Agenda

Russia and Islamic World Deepen Ties on De-Dollarization Agenda

Russia and the Islamic world are forging their ties to deepen the de-dollarization agenda and create a new financial system. The Russian Deputy Prime Minister, Alexey Overchuk, said the topics are part of the broader deglobalization talks, and the Russian government is invested in developing the issues with the Islamic countries.

Russia and the Islamic World Discuss De-Dollarization

Russia is embarking on a remarkable journey toward reshaping the global financial landscape. With a focus on de-dollarization and the creation of an independent financial system, Russia aims to break free from the dominance of traditional power structures. In this pursuit, the Russian Deputy Prime Minister, Alexy Overchuk, has stated that the country is engaged in talks with the Islamic world to strengthen ties and explore avenues for collaborative development.

During the Russia-Islamic World KazanForum, a prominent international economic forum, Overchuk stated:

"Our relations with the countries of the Islamic world cannot 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."

Russia's motivation to diversify its financial dealings stems from concerns about potential restrictions imposed by the Group of Seven (G7) countries. As Russia seeks alternative routes, they are exploring options beyond SWIFT, the global banking linking system, and reducing reliance on the US dollar.

Deglobalization on the Table

However, the talks between Russia and the Islamic world encompass more than just de-dollarization. They delve into broader subjects, including deglobalization and adapting to evolving investment trends in the current geopolitical landscape.

Overchuk expressed optimism about the outcomes of these discussions, highlighting the shared challenges Russia and the Islamic countries faced.

"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's recent focus on enhancing relations with Iran further underlines its dedication to expanding economic ties with the Islamic world. Notably, plans have been unveiled for the construction of the Rasht-Astara railway, a vital route that would connect India, Iran, Russia, Azerbaijan, and other countries within the Islamic world. Stretching across 162 km, this railway is poised to become a significant alternative to the Suez Canal.

What is your take on the Russian de-dollarization and de-globalization talks with the Islamic countries? Please post your comment.