OREANDA-NEWS  The G7 sanctions have led to the loss of their role in the global economy by the currencies of these countries, as well as to the deterioration of the position of these states in the global economy, said Maxim Oreshkin, Deputy head of the Presidential Administration of the Russian Federation.

"All they have achieved is a significant increase in the share of national currencies in settlements... All that the G7 countries have achieved is to lose the role of their currencies, seriously worsen their position and their role in the global economy," he commented on the imposition of sanctions by Western countries.

He added that currently 85% of all external payments in Russia take place without the participation of the currencies of the G7 countries.