The heads of government of the Shanghai Cooperation Organization (SCO) countries held an online meeting hosted by China’s Prime Minister Li Keqiang. The gathering heard a proposal by Russian Prime Minister Mikhail Mishustin to set up a joint payment network within the SCO and to speed up the transition to using national currencies in trade. (http://eng.sectsco.org/archives/20221102/922237/Joint-communiqu-following-the-21st-meeting-of-the-SCO-Heads-of-Government-Prime-Ministers-Council.html )
“Our common task is to gain independence from the influence of third countries in the financial sector. For that purpose, we suggest creating a digital system for the exchange of financial information and payment transactions within the SCO,” the head of the Russian government said on Nov. 1. This will reduce dependence on the dollar and ensure “more predictable, clear and reliable conditions” for economic activity within the SCO.
