Russia's trade turnover with SCO nations exceeded $409B

​​​​​​​By Elena Teslova

MOSCOW (AA) - Russian President Vladimir Putin said Tuesday that Russia's trade turnover with Shanghai Cooperation Organization (SCO) nations exceeded $409 billion in 2024 and shows signs of expansion.

"Russia's trade turnover with the SCO countries reached $409 billion in 2024 and continues to grow. Of course, the lion's share here belongs to our cooperation with the People's Republic of China, but still, trade turnover is growing with other SCO member states," he told SCO ministerial council chiefs at the Kremlin.

Putin highlighted that negotiations are underway within the SCO framework to establish a specialized development bank, harmonize credit rating systems and standardize protocols.

"Motivated by Russia's proposals and supported by fellow SCO participants, advancements are being made to strengthen financial infrastructure, payments, clearing mechanisms and depositary arrangements," he said.

The necessity for stable and continuous payment channels, amidst geopolitical uncertainties, was underscored by Putin.

"Reliable transactional pathways become essential given today's fluctuating economic landscape characterized by market volatility, punitive sanctions, protectionist measures, and conflicts," he said.

Settlement transactions between Russia and its SCO counterparts using local currencies exceed 97%, said Putin.

He asserted that Russia plays a crucial role in sustaining the equilibrium in global energy markets, countering external pressures seeking to disrupt energy distribution networks.

"Despite deliberate interference from certain hostile entities, Russia prioritizes securing dependable energy supplies to consumers worldwide," he said.

Looking ahead, Putin expressed optimism about intensifying collaboration among SCO allies in the energy domain.​​​​​​​