Russia Pushes National Currencies Across Shanghai Cooperation Organization

Russia is accelerating the shift to national currencies within the Shanghai Cooperation Organization (SCO) to bypass Western financial restrictions, according to Nikolai Arefyev, First Deputy Chairman of the State Duma Committee on Economic Policy. Arefyev told Pravda.Ru that the disconnection from the SWIFT system and existing sanctions have effectively halted the use of the US dollar and the euro in international transactions. He noted that the EU's 21st sanctions package, which targeted an additional 95 banking organizations, leaves Russia with no alternative but to increase the share of local currencies in trade. The transition is supported by diplomatic efforts; Russian Ambassador to China Igor Morgulov recently emphasized Moscow's interest in fully implementing national payment instruments across the SCO region.