SCO Moscow Summit Charts Course for a Post-Dollar Financial Ecosystem
Moscow — In a powerful demonstration of strategic alignment, the recent Shanghai Cooperation Organisation (SCO) Council of Heads of Government meeting concluded in Moscow, setting an ambitious agenda to construct a robust, independent financial and security architecture for the Eurasian bloc. Chaired by Russian Prime Minister Mikhail Mishustin and including a high-level address from President Vladimir Putin, the November 17-18, 2025, summit marked a significant acceleration in the group's efforts to decouple from Western-dominated economic systems.
The meeting, which brought together leaders from the ten-member bloc including Chinese Premier Li Qiang and Indian External Affairs Minister S. Jaishankar, focused squarely on enhancing economic resilience, regional security, and institutional independence. The outcomes signal a definitive pivot towards consolidating the SCO as a central pillar of the emerging multipolar world order.
The Economic Core: Building an Independent Financial Infrastructure
The most consequential discussions in Moscow revolved around creating a self-sustaining economic ecosystem, a direct response to global volatility and the use of unilateral financial sanctions by Western powers.
1. The SCO Development Bank: From Concept to Consultation
A key milestone was the formal advancement of the long-discussed SCO Development Bank. Moving beyond theoretical support, the summit featured dedicated consultations to lay the groundwork for the bank's establishment.
- Purpose: The bank is envisioned as a reliable funding mechanism for large-scale joint projects that enhance connectivity and industrial capacity within the bloc. Its primary focus will be on:
- Major Infrastructure: Financing critical corridors like the International North-South Transport Corridor and synergizing the Eurasian Economic Union (EAEU) with China's Belt and Road Initiative (BRI).
- Strategic Industries: Funding import substitution initiatives, joint technology development in AI, and green energy projects.
- Broader Mechanism: Complementing the bank, several member states proposed creating a wider independent SCO financial mechanism designed explicitly to insulate economies from external sanctions and global market shocks.
2. The De-Dollarization Reality: National Currencies Become the Norm
While many global forums discuss de-dollarization, the SCO is actively implementing it. President Putin revealed a staggering statistic: over 97% of Russia's trade with SCO partners is now conducted in national currencies.
To solidify this shift, the summit yielded concrete institutional steps:
- New Working Group: Russia successfully initiated the creation of a special expert group tasked with improving and expanding the independent financial infrastructure needed for seamless national currency settlements.
Key Action Areas: The group will focus on:
- Stable Payment Channels: Ensuring uninterrupted cross-border payments.
- Depository Infrastructure: Developing the technical systems to handle multi-currency transactions.
- Legal Harmonization: Continuing the complex work of aligning different national laws on currency control to reduce friction in trade.
Security and Geopolitics: Reaffirming Foundational Principles
Amid the economic focus, the summit did not neglect the SCO's core security mandate. The bloc reaffirmed its commitment to countering the "three evils of terrorism, separatism, and extremism."
Indian External Affairs Minister S. Jaishankar delivered a pointed address, emphasizing that the SCO was founded on the principle of combating these threats and called for a policy of "zero tolerance" towards terrorism a statement with clear regional implications.
Geopolitically, the meeting served as a platform to promote a vision of a restructured global order. President Putin championed the "Greater Eurasian Partnership," a strategic concept aimed at harmoniously weaving together the EAEU, China's BRI, and other SCO initiatives into a cohesive economic and political space.
The Bigger Picture: The SCO as a Pillar of Multipolarity
The 2025 Moscow Summit represents more than just a routine meeting; it is a testament to the SCO's evolution into a substantive geo-economic bloc. With a combined population representing nearly half the world and a growing share of global GDP, the decisions made in Moscow have far-reaching implications.
The concerted push for a SCO Development Bank, the operational reality of national currency settlements, and the unwavering focus on regional security collectively underscore a decisive move away from reliance on Western institutions. The SCO is methodically building the plumbing for a parallel international system, one where Eurasian powers have greater agency in shaping the rules of global governance and finance.
In conclusion, the Moscow Summit has solidified the SCO's trajectory. It is no longer just a forum for dialogue but an active construction site for a new economic and strategic reality in Eurasia, defined by independence and multipolarity.
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