Moscow, Mar 31 (IANS): A new financial order will be negotiated in the world, and the West won't have the main say in it anymore, ex-Russian President Dmitry Medvedev has claimed.

The "hellish" sanctions imposed on Russia by the US, EU, and their allies over the conflict in Ukraine have failed to cripple the country, but are instead "returning to the West like a boomerang," Medvedev, the former Russian president who is now the deputy chairman of the Russian Security Council, said, RT reported.

According to Medvedev, the US and EU have "tarnished their reputation" by blocking the reserves of the Russian central bank. "It is impossible to trust those who freeze the accounts of other states; steal other people's business, assets and personal possessions, compromising the principles of sanctity of private property."

After the outbreak of the conflict in Ukraine in late February, the US and EU froze nearly half of Russia's foreign currency reserves, worth $300 billion.

Confidence in reserve currencies is "fading like the morning mist," and the prospect of abandoning the dollar and euro in this role does not seem like such an unrealistic prospect anymore, he said. "The era of regional currencies is coming."

"No matter if they want it or not, they'll have to negotiate a new financial order," Medvedev said. "And the decisive voice will then be with those countries that have a strong and advanced economy, healthy public finances and a reliable monetary system. And not with those who endlessly inflate their public debt, issuing more and more pieces of paper into circulation which aren't backed by national wealth."