Russia initiates formation of expert group on financial infrastructure within SCO

MOSCOW. Nov 18 (Interfax) - Russia has initiated the formation of a working group on financial infrastructure within the Shanghai Cooperation Organization, Prime Minister Mikhail Mishustin said.

"A reliable, independent financial infrastructure is required to implement joint plans. A special expert group, which is being formed upon Russia's initiative, will work on improving it," Mishustin said at an expanded meeting of the SCO heads of government council in Moscow.

Mishustin thanked the meeting participants for supporting the proposal.

Russia in recent years has been promoting the development of a financial infrastructure independent of Western restrictions within a number of international organizations, including the SCO, BRICS, the G20, and others.

During a meeting later on Tuesday with the heads of delegations of SCO member countries, President Vladimir Putin also said that stable and uninterrupted payment channels are becoming vitally important. "This is especially relevant in the current volatile economic environment amid turbulence in global markets, unilateral sanctions, tariff restrictions, and wars," he emphasized.

"Steps are being taken to expand the payment, settlement, and depository infrastructure upon the initiative of the Russian side and with the support of partners within the Shanghai Cooperation Organization. The agenda includes consultations on establishing the future SCO Development Bank, as well as mutually recognizing credit ratings and commodity indicator systems," Putin said, listing areas of cooperation between SCO partners in the financial sector.

Putin noted the positive dynamics of mutual trade with the organization's members and the high share of settlements in national currencies. "Russia's trade turnover with SCO countries reached $409 billion in 2024 and continues to grow. Of course, the lion's share of this is attributed to our interaction with the People's Republic of China, but trade with other SCO member states is nevertheless growing. Importantly, the share of national currencies in commercial transactions between the organization's members is consistently increasing. For example, the figure already exceeds 97% in our country's trade with SCO partners," he said.