News - Middle East: Russian President Vladimir Putin says the process to excise the dollar from the world economy is "inevitable" as his country is coping with "financial and technological aggression by some countries."

Addressing the Russian cabinet on Monday, Putin suggested discussing the country's budget for the next three years.

"There are disputes about what to pay more attention to, where to direct more funds or (whether it is better) to save more and create a 'safety cushion,' how to create it in new conditions and what is a 'safety cushion' in modern conditions, when we have a well-known and inevitable process of de-dollarization," said the president.

Moscow fast-tracked de-dollarization when the US Treasury Department decided to confiscate Russia's foreign exchange reserves, after Putin ordered a military offensive in Ukraine back in February.

Ever since, Russia has been under harsh sanctions. In turn, Russia has downgraded or cut off gas supplies to Europe, triggering an energy crisis there.