BISHKEK, – In a landmark address to the Council of Heads of State of the Shanghai Cooperation Organisation (SCO) today, Russian President Vladimir Putin hailed the bloc’s transformation over the last quarter-century into a global powerhouse, as leaders greenlit a substantial package of decisions aimed at deepening economic integration and fortifying Eurasian stability.
Reflecting on the organization’s founding in 2001 by six nations—Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan—Putin underscored its evolution into the world’s largest regional association. Accounting for nearly half of the global population and over a third of global GDP, the SCO now stands as an “independent and influential center” in the emerging multipolar order, according to the Russian leader.
“Over the past quarter-century, the SCO has come a truly long way,” Putin stated, emphasizing the bloc’s role in ensuring steady development and fostering an atmosphere of trust across the Eurasian continent.
Economic Pivot and Financial Independence
At the heart of the summit’s practical priorities, Putin highlighted the exponential growth of commercial ties. Revealing that Russia’s trade with SCO member states surpassed the $400 billion mark in 2025, he credited the increasing use of national currencies in mutual settlements—which now exceed 98% of Russia’s transactions within the bloc—as a key driver of this success.
In a pointed critique of global financial systems, Putin called for the establishment of a new SCO Development Bank that would operate as independently as possible from the monetary frameworks of nations “that use economic instruments as weapons.” The proposed institution, he suggested, would complement the work of the SCO Business Council and Interbank Consortium, accelerating joint projects and insulating member economies from external pressure.
Energy and Humanitarian Ties Strengthen
The President also advocated for a coordinated energy policy in line with the SCO Energy Cooperation Strategy through 2030, while lauding the expansion of cultural and humanitarian links. He noted the successful operation of the SCO University network—uniting over 100 higher education institutions—and highlighted ongoing women’s forums aimed at bolstering female participation in public and business life.
Adding a cultural flourish, Putin confirmed Russia’s readiness to host the next World Nomad Games in Kazan in 2028, following the opening of the current games in Kyrgyzstan. He also extended an invitation to SCO members for the International United Cultures Forum in St. Petersburg later this month.
A Warning from History
Concluding his address, the Russian President drew a somber parallel with the present, noting that September 1 marks the grim anniversary of the start of World War II. He urged the international community to prevent armed provocations from becoming standard practice, asserting that the collaborative work of the SCO is vital to ensuring peace and prosperity across Eurasia.
“I am convinced that our joint work in Bishkek will help advance multifaceted cooperation within the SCO in the interests of strengthening security, peaceful development and prosperity throughout Eurasia,” Putin declared.
BY: The Times Union
