Russian President Vladimir Putin commended the Shanghai Cooperation Organization (SCO) member states for settling bilateral trade in their national currencies rather than the US dollar. Speaking at the SCO Council of Heads meeting in Astana, Kazakhstan, on July 4, Putin highlighted that over 92% of Russia's transactions with SCO members were conducted in national currencies in the first four months of 2024.

Putin reiterated Russia's proposal to establish an independent payment mechanism among SCO members. He also emphasized the role of the Eurasian bloc in fostering a multipolar world order, stating, "A multipolar world is already a reality."

The SCO, established in 2001 by Russia, China, and several Central Asian countries, recently welcomed Belarus as its newest member. Other members include India, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, and Uzbekistan. The organization also includes Afghanistan and Mongolia as observer countries and has six dialogue partners.

Efforts led by Moscow, Beijing, and Tehran aim to reduce reliance on the US dollar and counter Western economic sanctions. Member states from the Association of Southeast Asian Nations (ASEAN) are also following this trend.

4o