At SCO Summit, Vladimir Putin calls for trading in local currencies to blunt western sanctions

Russian President Vladimir Putin vowed to resist the Western sanctions imposed on the country and called for trading in local currencies at the Shanghai Cooperation Organisation (SCO) Summit.

In his address to his counterparts from China and India and other members of the SCO virtually on Tuesday, Putin pitched for trading in local currencies, arguing that more than 80 per cent of trade between Chinese and Russian people was in roubles and yuan, and urged other SCO members to follow the same process.

"Russia is confidently resisting and will continue to resist external pressure, sanctions and provocations," the Russian leader said during a televised address to the Shanghai Cooperation Organisation (SCO).

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Making his first public appearance since the short-lived coup attempt by Wagner forces, Putin said, "I would like to thank my colleagues from the SCO countries who expressed support for the actions of the Russian leadership to protect the constitutional order and the life and security of citizens."

He also welcomed Russian ally Belarus's application to become a permanent member of the SCO next year.

SCO under India’s presidency

The summit was hosted by Indian PM Narendra Modi, who called on members to boost trade, connectivity and tech cooperation, among other things.

In his opening remarks, Modi praised the SCO as an “important platform for peace, prosperity and development in the entire Eurasia region.”

“We do not see the SCO as an extended neighbourhood, but an extended family. Security, economic development, connectivity, unity, respect for sovereignty and territorial integrity, and environmental protection are the pillars of our vision for SCO,” he said.

Virtual Summit chaired by Indian PM Modi as Putin, Xi, Sharif attend

China’s Xi Jinping, on the other hand, called for regional leaders to strengthen their coordination and resist the influence of “external forces in the region”, seemingly referring to American foreign policy.

“We must be highly vigilant against external forces inciting a ‘new cold war’ in the region and creating a confrontation between camps, (and) resolutely oppose any country’s interference in internal affairs and instigation of ‘colour revolutions,’” Xi said, using a term to refer to government-toppling political movements.

At the conclusion of the meeting,the grouping adopted a declaration and two joint statements, one on cooperation countering “radicalisation leading to separatism, extremism and terrorism” and a second on cooperation in the field of digital transformation, India’s Ministry of External Affairs said while addressing the press.

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