Russian President Vladimir Putin met with high-level delegations from the Shanghai Cooperation Organisation (SCO) member states in Moscow, signaling a major push to deepen economic and energy cooperation across the vast Eurasian region. This meeting, which took place as Russia assumed the SCO's rotating presidency, focused on implementing a new Action Plan (2026-2030) designed to boost trade, investment, and financial mechanisms—a move widely seen as an effort to build resilience against Western sanctions and global economic volatility.
00:38I'm very pleased to welcome you all to Moscow.
00:42The government is implementing plans for practical work, work to expand multifaceted cooperation, and this is precisely what the government is implementing.
00:54That is, teams led by you, with the participation of business, youth, and public circles, have agreed on a deal that reached $409 billion in the fourth year and continues to grow.
01:07Importantly, the share of national currencies in commercial transactions between the organization's members is consistently increasing.
01:16For example, in our country's trade with SEO partners, this figure already exceeds 97%.
01:23Stable and uninterrupted payment channels are becoming vital.
01:31This is especially relevant in the current volatile economic environment, amid turbulence in global markets, unilateral sanctions, tariff restrictions, and war.
01:43At the initiative of the Russian side and with the support of partners within the Shanghai Cooperation Organization, steps are being taken to expand the payment, settlement, and depository infrastructure.
01:57The creation of such an instrument will allow for greater scale throughout the vast SCO region in Eurasia as a whole.
02:08Our country also makes a significant contribution to maintaining stability in global energy markets.
02:14We are doing everything we can to ensure reliable energy supplies to consumers, despite external attempts to negatively impact supply chains, and we look forward to closer coordination among all POS-HOS partners in the energy sector in accordance with the energy roadmap adopted in Tenzin.
02:33Clearly, the Shanghai Cooperation Organization could play a more significant role not only in deepening sectoral cooperation but also in creating a favorable environment on our shared continent for stable, progressive growth and multifaceted economic cooperation.
02:54Thank you for your attention and I will now hand over the floor to Mr. Mishustin, Prime Minister of the Russian Federation, and then to UGU.
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