Russian President Vladimir Putin characterized the Shanghai Cooperation Organization (SCO) as the world's largest regional entity during his address at the bloc's summit in Bishkek, Kyrgyzstan, on Tuesday.
Addressing attending heads of state, Putin highlighted the demographic weight of the ten-member bloc, noting that the organization now encompasses approximately half of the global population.
Reflecting on the 25-year evolution of the SCO since its founding in 2001, the Russian leader stated that the organization has progressed into a pivotal influence within the emerging multipolar global order. He reaffirmed Moscow's commitment to supporting structural reforms aimed at enhancing the operational efficiency of the bloc.
Putin identified the expansion of intra-bloc trade and financial integration as primary objectives for member nations, placing heavy emphasis on transitioning toward local currencies for cross-border transactions. He revealed that more than 98% of commercial settlements between Russia and its SCO trade partners are currently executed in national currencies rather than third-party foreign currencies.
The SCO was originally established in 2001 by China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan. The regional group has since expanded its full membership to ten nations following the accession of India and Pakistan in 2017, Iran in 2023, and Belarus in 2024.
