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Putin Pushes for SCO Nations To Trade in National Currencies

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EIRNS—The leaders of Russia, China and Mongolia met today for a trilateral session on the sidelines of the SCO annual summit in Samarkand, Uzbekistan. Russian President Vladimir Putin reported afterwards: “The growth of mutual trade exchanges is undoubtedly facilitated by the consistent policy of our three countries to expand the use of national currencies in commercial settlements.”

Putin referenced the bilateral meeting he had held earlier in the day with China’s President Xi Jinping, where they celebrated the growth of settlement in national currencies, now at 27.55%, of all trade between Russia and China. Putin continued: “In this context, it would be important, wherever possible, to switch to national payment platforms, such as the financial messaging system of the Bank of Russia and the Chinese system of cross-border payments. This will make it possible to maximally secure settlements between our states from external risks, including political ones.”

The ability of countries to work out such arrangements is dependent upon mature, competent economic decisions being made in each of the trading partners, enabling the possibility of stable currency arrangements. Putin reviewed the coordination of Russia with China and Mongolia: “Russia is interested in strengthening relations with each of the states in every possible way, and I must note that these relations are developing rapidly, fruitfully and on a mutually beneficial basis.” The trilateral partnership is natural, given the geographical position of the three countries and their long traditions of friendship and mutual support, and the respect and affinity that the peoples of the countries have for each other. “Our countries share approaches to most pressing issues of the international agenda, and support coordinated positions in the UN and in regional organizations.”

Hence, Russia, China, and Mongolia together “managed to achieve tangible results in the development of cooperation in the economy, trade, industry, science and high technologies, in environmental protection, cultural, humanitarian and other spheres.” There was “high value added” for all three of them. [dms]

See also: Putin and Xi Highlight the Russia-China Model for Countries To Rally Around