Russia’s Ministry of Finance published remarks by Alexei Overchuk on Council meeting discussions about establishing a Shanghai Cooperation Organization (SCO) bank. Delegations broadly supported the proposal and agreed that such a bank should be independent and conduct transactions in national currencies. Its founding principles remain under discussion, and countries’ financial contributions have not been determined. The proposed bank’s rules would need to prevent discrimination against any member state and allow it to operate freely across all participating countries. Questions concerning the use of national currencies, the mobilisation of funds and funding sources remain unresolved. SCO countries have already begun using their national currencies for mutual payments. Overchuk also described a shared focus on adapting supply chains to deglobalisation through industrial cooperation and improved movement of goods. Discussions highlighted the need to expand transport connections across Greater Eurasia and develop digital infrastructure to facilitate goods flows across SCO member states.
Russia's Ministry of Finance publishes remarks on proposed SCO bank and national currency settlements
Russia’s Ministry of Finance published Alexei Overchuk’s account of discussions on a proposed Shanghai Cooperation Organization bank, with broad support for an independent institution conducting transactions in national currencies. Founding rules, funding arrangements and national contributions remain unresolved, with emphasis on preventing discrimination among members and allowing the bank to operate across participating countries. The meeting also addressed transport and digital infrastructure to support trade across the region.