Putin announced the launch of the SCO Development Bank: the organization is forming its own financial architecture

At a meeting with participants of the Council of Heads of Government of the Shanghai Cooperation Organization in Moscow, Russian President Vladimir Putin outlined the key direction of the association's development — the creation of an independent financial structure and the future SCO Development Bank. We are talking about building an infrastructure that will allow the participating countries to strengthen their economic independence and expand settlements in national currencies.

According to the president, Russia's trade turnover with the SCO countries in 2024 reached 409 billion US dollars, and the share of transactions in national currencies exceeded 97%. Moscow sees this as a foundation for further integration and increased mutual trade.

The initiative was supported by Russian Prime Minister Mikhail Mishustin, who announced the launch of a special expert group that will work out financial mechanisms. He stressed that in conditions of economic turbulence, the SCO countries need their own stable financial base. Against the background of the projected growth of the organization's share in the global economy to 35%, this decision becomes a logical strengthening of integration processes.

India, Iran and China have also prioritized strategic ties. Indian Foreign Minister Subrahmanyam Jaishankar recalled that New Delhi is promoting the idea of the forum of dialogue of civilizations, and China, through Prime Minister Li Qiang, confirmed its policy of openness, lowering barriers and ensuring uninterrupted trade.

The meeting was the final chord of the Russian presidency. The results are consolidated by a package of documents, including the SCO budget for 2026 and updated financial rules. The formation of a new economic architecture is on the agenda, where the Development Bank can become a key instrument for financing projects in the region.