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Putin suggests that Shanghai Cooperation Organisation member countries should issue joint bonds

The Russian President Vladimir Putin proposed on Monday that members of the Shanghai Cooperation Organisation (10-nation SCO) sell joint bonds. This would be a significant step in deepening their economic co-operation.

Putin floated the idea for a system of joint payments to settle trade at a group summit in China.

The SCO was established in 2001 and is the successor of the Shanghai Five (China, Russia, Kazakhstan Kyrgyzstan, Tajikistan) which was formed in 1996. The SCO now includes India, Pakistan and Iran as well as Belarus and Uzbekistan.

Putin said to the heads of state of SCO in Tianjin, China's northern port.

He said that he also supported "the creation our own payment settlement and depository infrastructure", and "the formation a joint investment project bank".

Putin stated that "all this will increase our economic exchanges' effectiveness and protect them against fluctuations in the external climate."

After the 2022 invasion in Ukraine, Western sanctions against payment systems and Chinese bank disrupted Russian commerce.

Putin stated that the SCO economies grew by an average of 5% between 2024 and 2025. (Reporting from Moscow; Guy Faulconbridge, Editing by Mark Trevelyan).

(source: Reuters)