OREANDA-NEWS. Director of the Department of Economic Cooperation of the Russian Foreign Ministry Dmitry Birichevsky said that Russia is reducing the use of the dollar in foreign exchange reserves and external accounts against the backdrop of sanctions. It is reported by RIA Novosti.

According to him, Moscow has the necessary safety margin to transform the economic development model and adjust its financial policy.

“In this context, naturally, the Russian authorities are making significant efforts to protect their trade and economic ties and investment projects from external negative impact,” Birchevsky said.

He added that the authorities are shifting their attention to alternative capital markets to Western ones, increasing the share of mutual payments in national currencies and establishing direct interbank correspondent relations with major trading partners.

Earlier, Russian President Vladimir Putin signed a decree establishing a "temporary procedure" for the fulfillment of obligations to creditors associated with "unfriendly" countries.