The move is aimed at strengthening Russia's independence and reducing its reliance on the outside world as the country has been hit hard by sanctions from the United States and the European Union ever since its operation began in Ukraine on February 24.

Russia's ruble strengthened to a near four-week high against the dollar and euro on Friday.

"Against the growing geopolitical pressure from the 'collective West', the only way to guarantee stable trade, economic, and investment ties between Russia and its partners is to avoid the use of currencies that have become 'toxic', primarily the US dollar and the euro, and switch to settlements in acceptable alternatives, primarily in national currencies," Pankin said in an interview with TASS.

He said the current global financial system built by Washington has proven to be "unsuitable for the conditions of a multipolar world order and has essentially become an instrument for achieving political goals of one group of countries."

"It is quite obvious that in the current conditions the West intends to continue to abuse its privileged position."

According to Pankin, the Bank of Russia is actively developing the Financial Message Transmission System, as the country bids farewell to SWIFT, a system used by more than 200 countries for financial messaging.