Russian President Vladimir Putin on Wednesday said the world is losing confidence in the U.S. dollar, euro and pound and that Russia is gradually cutting down its usage of these currencies.

"In an attempt to resist the course of history, Western countries have undermined the key pillars of the world economic system, which has been built over centuries," Russian news agency TASS quoted Putin as he was addressing the seventh Eastern Economic Forum held in Russia's far eastern city of Vladivostok.

"Before our eyes, confidence in the dollar, euro, and pound sterling as currencies for payments, storing reserves, nominate assets has been lost. We are gradually moving away from the use of such untrustworthy, compromised currencies," he said.

Putin also reportedly accused Western countries of trying to maintain a world order that is beneficial only to them.

He said that the "sanctions fever" of the West is a threat to the whole world, and these policies were catalyzed by the "elusive dominance" of the U.S. in the world.

Putin noted that although the Russian economy was coping with what he termed "financial and technological aggression of the West," he acknowledged that some industries and regions have faced difficulties.

Since the Russia-Ukraine conflict started in February, Russia has been moving away from the U.S.-dollar payment system in the face of Western sanctions.

Meanwhile, on Tuesday, China's state-owned energy company China National Petroleum Corporation (CNPC) announced it has signed a supplementary agreement, on China-Russian eastern route natural gas purchase and sale, with Russia's state-run energy giant Gazprom.

CNPC Chairman Dai Houliang and Gazprom CEO Alexei Miller discussed extensive cooperation in the natural gas sector, according to an announcement on CNPC's website.

Payments for Russian gas by China will be made in rubles and yuan instead of U.S. dollars, TASS reported Gazprom as saying in a statement.

Miller said the new payment mechanism was "mutually beneficial, timely, reliable and practical solution," saying he believes it would "simplify payments, become an excellent example for other countries, and jump-start our economies."

The eastern route of the China-Russia natural gas pipeline began operations in 2019.

Since March, major Russian banks, including the country's second-largest lender VTB, have been banned from using SWIFT, a global financial artery that allows cross-border payments, as part of Western-led sanctions. 

VTB announced on Tuesday that it will launch money transfers to China in yuan, bypassing the SWIFT system.

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