Vladimir Putin: agenda includes establishment of future SCO Development Bank

The creation of an independent financial infrastructure and the establishment of a Development Bank are becoming practical steps towards strengthening the economic sovereignty of the Shanghai Cooperation Organisation (SCO) member states. This was stated by participants of the session of the Council of Heads of Government of the SCO member states, the results of which were summed up by President of Russia Vladimir Putin at a meeting with the heads of delegations.

"Russia’s trade turnover with SCO states reached US$409 billion in 2024 and continues to grow. […] The share of national currencies in commercial operations between the member states of the Organisation is steadily increasing. For example, in our country’s trade with SCO partners this figure already exceeds 97 per cent"

Vladimir Putin President of Russia

Earlier, at the session of the Council, Chairman of the Government of Russia Mikhail Mishustin announced the creation of a special mechanism to strengthen financial independence.

"The implementation of joint plans requires a reliable and independent financial infrastructure. A special expert group, established at Russia’s initiative, will work on improving it"

Mikhail Mishustin Chairman of the Government of Russia

He noted the growing economic strength of the Organisation: according to forecasts, by the end of the current year, the share of SCO countries in global GDP will reach 35 per cent.

Support for the course towards strengthening economic ties and sovereignty was expressed by other participants in the meeting. Minister of External Affairs of India Subrahmanyam Jaishankar stated that the Republic maintains special relations with SCO countries, and in this context Prime Minister of India Narendra Modi proposed at the August summit in Tianjin to begin organising a forum for civilisational dialogue.

"Cooperation between our scientific communities, creative groups and athletes will help pave the way for better mutual understanding within the SCO. [...] As for humanitarian cooperation [...] we have provided oncology equipment to many SCO countries. We also provide access to vaccines and medical resources"

Subrahmanyam Jaishankar Minister of External Affairs of India

First Vice President of Iran Mohammad Reza Aref, in his address, expressed confidence that "the SCO should become one of the driving forces of economic integration in the region".

Premier of the State Council of the PRC Li Qiang called to "reduce barriers, expand openness, and ensure the smooth functioning of the trade and economic cycle", emphasising China’s commitment to open partnership.

The session marked the conclusion of Russia’s chairmanship of the Council. The meeting was attended by heads of government and representatives of observer states and dialogue partners, including Mongolia, Qatar, Uzbekistan, Kazakhstan and Pakistan. The chairmanship of the Council now passes to Tajikistan.

The outcomes of the session were formalised in a signed package of documents aimed at strengthening the SCO’s financial and institutional framework. Among them are the organisation’s budget for 2026, as well as amendments to the SCO Financial Regulations.

Photo: Press Service of the National Centre RUSSIA