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Russian PM backs switching to national currencies in settlements between SCO countries

October 12, 20:15 UTC+3 DUSHANBE

The system of strategic stability faces serious challenges, Medvedev added

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DUSHANBE, October 12 /TASS/. Russian Prime Minister Dmitry Medvedev has spoken in favor of switching to national currencies in settlements between the countries of the Shanghai Cooperation Organization (SCO).

"In particular you mentioned the need to switch to mutual settlements in national currencies. We support this idea," he said at a meeting of the Council of Heads of Government of the SCO countries. But he noted that "it is necessary to act carefully," by reducing external markets.

"The external conditions we are working are still difficult and can hardly be called comfortable. The system of strategic stability faces serious challenges. To maintain their dominant positions, some states use unfair competition, introducing protectionist measures, illegal unilateral sanctions," the Russian Prime Minister said.

Medvedev also noted that such attacks are mainly directed against Russia, China as key members of the Shanghai Cooperation Organization, as well as Iran, which is a partner of the SCO.

The Declaration on the Establishment of the Shanghai Cooperation Organization was inked in China’s Shanghai in June 2001 by six founding states - Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. On June 9, 2017 India and Pakistan became full-fledged members of the SCO. Afghanistan, Belarus, Iran and Mongolia currently enjoy observer status while Sri Lanka, Turkey, Azerbaijan, Armenia, Cambodia and Nepal are dialogue partners.

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