FORMER Russian president Dmitry Medvedev spoke of the emergence of a “new financial order” today as more countries move away from the dollar as the world currency.

He described Western efforts to impose “hellish sanctions” on Russia which have escalated since it invaded Ukraine last month as “fruitless” and claimed they would have minimal impact, despite soaring interest rates and a stampede of major firms from the country.

“The world is gradually moving towards a new logic of global relations,” the deputy chairman of the Russian Security Council said.

“It is impossible to trust those who freeze the accounts of other states, steal other people’s business assets and personal possessions, compromising the sanctity of private property,” he added.

Russia announced earlier this week that as from today, it will only accept payments for gas in roubles from what it deems “unfriendly countries,” including the United States and those in the European Union.

India is considering an offer to use an alternative to the global Swift cross-border payment system developed by the Russian Central Bank to make bilateral rupee-rouble payments.

Discussions are set to take place on Thursday as Russian Foreign Minister Sergey Lavrov arrives in the capital Delhi for a two-day visit.

China and Saudi Arabia have already announced that they are considering a move away from the dollar in oil transactions, with a possible switch to the yuan.

Washington fears the decline of the dollar as the global currency, as it would lose the ability to control world financial markets.

But Mr Medvedev said the actions of US and EU in the wake of Russia’s invasion of Ukraine — including freezing nearly half of the Russian Central Bank’s reserves — had “tarnished their reputation.”

“The era of regional currencies is coming,” he said, warning that they would have to negotiate a new financial order “no matter if they want it or not.”

The economic restrictions were placed on Russia in retaliation for its war on its neighbour launched on February 24.

Battle is continuing despite signs that an agreement may be edging closer in peace talks held in Istanbul on Tuesday.

Ukrainian President Volodomyr Zelensky has conceded on the issue of neutrality, saying it was clear Ukraine would never be allowed to join Nato.

His Russian counterpart Vladimir Putin agreed to scale back hostilities in the Ukrainian capital Kiev.

But Kremlin spokesman Dmitry Peskov said that the issue of Crimea, which Russia annexed in 2014, was not up for discussion with Moscow considering the matter settled.