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Russian PM proposes setting up independent payment mechanism within SCO

Mikhail Mishustin underlined that more legal and administrative barriers will have to be removed for a mutually advantageous economic cooperation

Russian Prime Minister Mikhail Mishustin Dmitry Astakhov/POOL/TASS

Russian Prime Minister Mikhail Mishustin

© Dmitry Astakhov/POOL/TASS

BISHKEK, October 26. /TASS/. Russian Prime Minister Mikhail Mishustin floated the idea of establishing an independent payment mechanism for members of the Shanghai Cooperation Organization (SCO).

"We should also consider setting up an independent regional mechanism for payments and settlements [within the SCO] for the conversion of our currencies on national exchanges," he told an expanded meeting of the SCO Council of Heads of State.

According to the Russian premier, more legal and administrative barriers will have to be removed for a mutually advantageous economic cooperation. He also called for efforts to develop modern payment infrastructure as "we have been increasingly using our own currencies in settlements," Mishustin underscored.

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SCO Mikhail Mishustin

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