Alexey Overchuk calls shift away from dollar payments irreversible

Russian Deputy Prime Minister Alexey Overchuk said on Channel One on October 9 that using the dollar and payment systems as instruments of pressure had undermined trust in the currency.

Overchuk called dedollarization irreversible. He argued that decision-makers had misjudged the consequences and that countries were gradually moving away from the dollar while developing payment alternatives worldwide.

RIA Novosti recalled earlier comments by presidential spokesman Dmitry Peskov, who said Russia was acting in its national interests rather than calling for dedollarization. Peskov said BRICS did not aim to abandon dollar payments but sought alternatives because of political pressure.

The claim that the process cannot be stopped is Overchuk's assessment. His remarks supplied no figures for the dollar's share of trade or reserves and announced no new currency policy.