Putin announced an increase in trade with SCO members by 37%

Russia’s trade with the countries participating in the Shanghai Cooperation Organization (SCO) grew by 37% in 2022, continuing to grow this year. About it declared Russian President Vladimir Putin at a meeting of the Council of Heads of State of the SCO.

“Russia’s trade with the member states of the association last year increased by more than a third – 37%, reaching a record 263 billion. In January-April of this year, it added another 35%,” he said.

The President also drew attention to the increase in the share of national currencies in mutual settlements, as already more than 80% of transactions between the Russian Federation and China are carried out in rubles and yuan. And the share of the ruble in export transactions with all SCO countries last year exceeded 40%, Putin added.

On July 4, the SCO summit is held online for the first time under the chairmanship of India. The SCO member states are invited to the event: China, Russia, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan and Uzbekistan. Iran, Belarus and Mongolia are taking part in the summit as observers.

Against the backdrop of sanctions, Russia began to move away from settlements in dollars and increasingly use national currencies. Earlier in March 2023, Putin said that Russia and China are “increasingly” using national currencies in mutual trade. According to him, two-thirds of the trade turnover between the countries is already “carried out in rubles and yuan.” At the same time, Putin supported the use of yuan in settlements between the Russian Federation and the countries of Asia, Africa, and Latin America.