Arya News - Russia is interested in switching to national currencies in financial settlements with all member states of the Shanghai Cooperation Organization (SCO) in order to fully shield mutual trade from sanctions pressure, Russian Ambassador to China Igor Morgulov said on Thursday.
"We are satisfied with the work done within the EAEU on switching settlements for trade operations to national currencies," Morgulov said at a roundtable on enhanced cooperation between the EAEU and the SCO. Russia is seeking to scale this practice across the entire SCO space in order to fully protect mutual trade from sanctions pressure exerted by unscrupulous competitors, Morgulov said. In 2025, 98% of Russia"s trade with SCO members, worth over $400 billion, was settled in national currencies, the ambassador added.The Shanghai Cooperation Organization aims to implement initiatives to raise the efficiency of economic interaction and can rely on the Eurasian Economic Union"s (EAEU) experience along this path, SCO Secretary-General Nurlan Yermekbayev said on Thursday.The SCO has the political will to form a model of open, pragmatic and mutually beneficial economic cooperation, while the EAEU region, in turn, is an important hub of global trade and transit routes, the secretary-general said."Today, the SCO member states are focused on implementing initiatives aimed at improving the efficiency, coherence and practical returns of economic interaction, and we are confident that along this path we can and should rely on the EAEU"s experience," Yermekbayev added.During the recent SCO summit in Bishkek, a number of heads of member states noted the importance of further improving the mechanisms of interaction between the organization and partner international organizations, including the EAEU, the secretary-general said.
https://sputnikglobe.com/20260917/sco-aims-to-raise-efficiency-of-economic-interaction--secretary-general-1124750006.html
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BEIJING (Sputnik) - Russia is interested in switching to national currencies in financial settlements with all member states of the Shanghai Cooperation Organization (SCO) in order to fully shield mutual trade from sanctions pressure, Russian Ambassador to China Igor Morgulov said on Thursday.
"We are satisfied with the work done within the EAEU on switching settlements for trade operations to national currencies," Morgulov said at a roundtable on enhanced cooperation between the EAEU and the SCO.
Russia is seeking to scale this practice across the entire SCO space in order to fully protect mutual trade from sanctions pressure exerted by unscrupulous competitors, Morgulov said.
In 2025, 98% of Russia"s trade with SCO members , worth over $400 billion, was settled in national currencies, the ambassador added.
The Shanghai Cooperation Organization aims to implement initiatives to raise the efficiency of economic interaction and can rely on the Eurasian Economic Union"s (EAEU) experience along this path, SCO Secretary-General Nurlan Yermekbayev said on Thursday.
"The SCO and the EAEU are linked by geography, some common member states, and a mutual interest in building a multilateral architecture of sustainable development and progressive economic growth," Yermekbayev said at the opening ceremony of EAEU Days at the SCO Secretariat in Beijing.
The SCO has the political will to form a model of open, pragmatic and mutually beneficial economic cooperation, while the EAEU region, in turn, is an important hub of global trade and transit routes, the secretary-general said.
"Today, the SCO member states are focused on implementing initiatives aimed at improving the efficiency, coherence and practical returns of economic interaction, and we are confident that along this path we can and should rely on the EAEU"s experience," Yermekbayev added.
During the recent SCO summit in Bishkek, a number of heads of member states noted the importance of further improving the mechanisms of interaction between the organization and partner international organizations, including the EAEU, the secretary-general said.
World
SCO Aims to Boost Efficiency of Economic Interaction
07:36 GMT