International Trade : 97% of Payments being done national currencies in trade between Russia, SCO countries

The volume of payments in national currencies between Russia and its partners in the Shanghai Cooperation Organization (SCO) is over 97%, Russian President Vladimir Putin said during the meeting with heads of delegations that participated in the SCO Council of Prime Ministers held in Moscow.

“It is important that the share of national currencies is growing steadily in commercial operations between participants in the organization. For example, this indicator is already above 97% in trade of our country with partners in SCO,” Putin stressed.

Consultations on the expansion “of payment and depositary infrastructure” are on the agenda of the organization, the head of state added.

The 10 member countries of the Shanghai Cooperation Organisation (SCO) are China, India, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, Uzbekistan, and Belarus. Iran was admitted in 2023, and Belarus was admitted in 2024.

SCO region’s total trade: The total trade volume for the entire SCO region surpassed INR 445 Kharab ( US $510 billion ) in 2024, a 2.7% year-on-year increase.

Key drivers: Increased trade is partly driven by Russia reorienting its trade toward countries like China and India, as well as China’s growing economic and trade cooperation with other member states.