In a virtual meeting of the Shanghai Cooperation Organisation (SCO), President Vladimir Putin of Russia reaffirmed his country’s determination to confront Western sanctions and perceived provocations. The SCO, consisting of member nations China and India alongside Russia, served as a platform for Putin to announce Moscow’s intent to strengthen its ties with the organization while advocating for the use of local currencies in international trade settlements. Additionally, he expressed concerns about the escalating potential for conflicts and the looming risk of a global economic crisis. During the meeting, President Putin voiced Russia’s unwavering stance against the economic restrictions imposed by Western nations.
He highlighted the need for resilience and unity among SCO members, emphasizing their collective ability to withstand external pressures. By bolstering cooperation within the SCO, Russia aims to foster stronger diplomatic and economic relationships with its partner countries. One key proposal put forth by President Putin was the transition to settlements in local currencies for international trade. By reducing reliance on major global currencies, such as the US dollar, Russia seeks to establish a more diversified and resilient financial framework.
This move aligns with the broader objective of promoting economic sovereignty and minimizing vulnerability to external factors. In his address, President Putin also drew attention to the increasing likelihood of conflicts and the looming threat of a global economic crisis. He urged SCO member nations to remain vigilant and prepared, underscoring the importance of diplomatic dialogue and peaceful resolutions to potential disputes. By acknowledging these risks, Putin highlighted the need for proactive measures and cooperation among nations to mitigate the adverse impacts of such crises. The virtual meeting of the SCO provided President Putin with an opportunity to reiterate Russia’s commitment to countering Western sanctions.
The strengthening of ties within the organization signifies Russia’s intent to forge closer partnerships with its fellow member states, particularly China and India. By advocating for the use of local currencies in international trade settlements, Russia aims to enhance its economic stability and reduce vulnerability to external pressures. President Putin’s address underscored the urgency of addressing conflicts and the risk of a global economic crisis. By prioritizing dialogue, cooperation, and proactive measures, the SCO member nations can collectively navigate these challenges. Russia’s resolve to stand up against Western sanctions and bolster cooperation within the SCO signals its determination to protect its national interests while fostering stronger regional relationships.