Russia calls for SCO payment platform

The Eurasian trade alliance would cut dependence on the West and build reliable conditions for business, the Russian Prime Minister says

Russian Prime Minister Mikhail Mishustin has proposed setting up a joint payment network within the Shanghai Cooperation Organization (SCO) and has urged member states to speed up the transition to using national currencies in trade.

“Our common task is to gain independence from the influence of third countries in the financial sector. For that purpose, we suggest creating a digital system for the exchange of financial information and payment transactions within the SCO,” the head of the Russian government said on Tuesday.

Mishustin proposed using national platforms for interbank communications as new channels for transactions. The move, according to the official would help cut reliance on the Western financial system and ensure “more predictable, clear and reliable conditions” for businesses within the SCO.

READ MORE: Russian president calls for alternatives to SWIFT

The Prime Minister also wants to accelerate the transition to settlements in national currencies in order to move away from the US dollar and the euro. He reminded that Russian President Vladimir Putin stressed last week that settlements in national currencies would gain momentum and gradually become dominant across the globe.

Speaking at the Valdai discussion club last Thursday, Putin also called for new independent financial platforms for international settlements, adding that alternative and decentralized systems would eliminate the possibility of manipulating the global financial infrastructure.

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