Putin's New Initiative: Plans for an SCO Bank Free from American Influence

Russian President Vladimir Putin has taken a significant step toward strengthening economic cooperation among the member nations of the Shanghai Cooperation Organization (SCO). According to a report by Lokmat, Putin intends to develop a new banking system that is entirely free from American financial influence and sanctions. This initiative is aimed at making trade among member nations more independent and secure.

Putin emphasized that Russia's trade relations with SCO member countries are continuously growing. He stated that Russia's total trade with these nations exceeds 400 billion dollars. This figure highlights the growing economic strength of the organization, which is emerging as a significant economic bloc on the global stage.

Sharing a major achievement in the direction of financial autonomy, Putin noted that more than 98 percent of Russia's transactions with SCO countries are now being conducted in national currencies. This move is part of Russia's strategy to reduce dependence on the US dollar. It is helping member nations strengthen their own currencies and avoid external economic pressures.

The SCO, which includes major nations like India and China, is playing a significant role in global politics and the economy. Putin's plan is considered a crucial effort to make this organization even more influential. If this new banking system comes into existence, it could bring about a major shift in the international financial system.

Experts believe that this move by Putin is a strategic shift in response to economic sanctions imposed by Western nations. This group, led by Russia and China, is now moving toward creating its own independent financial structure so that they can implement their economic policies without any external interference.

The formation of this new banking system could open up new opportunities for investment and trade among member nations. It will not only provide stability to the economies of the member countries but also give them a new identity in the global financial market.

In the coming times, detailed discussions on the structure and functioning of this banking system are expected to take place in SCO meetings. It will be interesting to see how member nations support this proposal and how it impacts the global financial landscape.