Russia Says 98% of $400 Billion SCO Trade Now Settled in National Currencies
Russian Ambassador to China Igor Morgulov said Moscow is actively shifting away from the dollar and euro in trade with Shanghai Cooperation Organization partners.
Russia's Ambassador to China, Igor Morgulov, said that approximately 98% of Russia's trade turnover with member states of the Shanghai Cooperation Organization (SCO), valued at around $400 billion, is now conducted in national currencies rather than the US dollar or euro, according to TASS.
Morgulov said Russia is actively working to expand the use of national currencies in settlements with its trading partners within the SCO framework, the Russian state news agency reported.
The SCO includes Russia, China, and several Central and South Asian states. TASS did not provide additional details in the excerpt regarding the specific currencies used or a timeframe for the shift.
The reported move aligns with broader efforts by Russia and other SCO members to reduce reliance on Western financial systems and currencies amid sanctions imposed on Moscow following its invasion of Ukraine.
TASS did not specify when Morgulov made the remarks or provide further comment from Russian officials on the matter.
Sources
- About 98% of Russia’s trade with SCO worth $400 bln conducted in national currencies — TASS (Russia)
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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