"The time has come when we need to go from words to actions, and get rid of the dollar as a means of mutual settlements, and look for other alternatives," he said in an interview with International Affairs magazine, quoted by RT.

"Thank God, this is happening, and we will speed up this work," Ryabkov said, explaining the move would come in addition to other "retaliatory measures" as a response to a growing list of US sanctions.

Previously, Russian Energy Minister Aleksandr Novak said that a growing number of countries are interested in replacing the dollar as a medium in global oil trades and other transactions.

"There is a common understanding that we need to move towards the use of national currencies in our settlements. There is a need for this, as well as the wish of the parties," Novak said.

According to the minister, it concerns both Turkey and Iran, with more countries likely to join the growing dedollarization wave.