SCO Aims to Boost Trade in National Currencies Amid Sanctions

The Shanghai Cooperation Organization is focusing on increasing national currency transactions among its members, ruling out plans for a common payment system. This initiative gains traction in light of Western sanctions on Russia. SCO's efforts are part of a broader strategy for economic sovereignty and reduced dependence on external systems.

The Shanghai Cooperation Organization (SCO) Secretary-General Nurlan Yermekbayev announced on Thursday that there are no immediate plans for a unified payment system within the bloc. However, significant efforts are underway to increase national currency transactions in trade among member states.

During the 51st Sapru House Lecture in New Delhi, Yermekbayev highlighted a specialized roadmap designed to promote transactions in national currencies. Member state experts are focused on legislative amendments to facilitate national currency payments and developing the necessary infrastructure.

Despite lacking a common currency, rising discussions stem from Western sanctions on Russia, urging the bloc to advance towards financial sovereignty. Talks also touch on establishing financial structures such as a Development Bank. Military drills under SCO auspices emphasize anti-terrorist objectives, promoting trust without targeting specific nations.