SCO mulls financial independence from the US dollar

At the 14th World Peace Conference organized in Beijing, discussions on global governance, international security cooperation, integrity, and inclusiveness were the primary topics on the agenda.

Notably, a forum on the Shanghai Cooperation Organization attended by officials and members of think tanks from Iran, Russia, China, Belarus, and Uzbekistan stood out as a platform for debating alternative financial mechanisms to bypass the hegemony of the dollar system and evade international sanctions.

• SCO pushes for new dollar-free financial order
  

  SCO pushes for new dollar-free financial order

  Officials urged Shanghai Cooperation Organization members to reduce dollar reliance as sanctioned states seek stronger economic cooperation.

During last few years we have been witnessing that some other countries in our region, including the SCO members, now are subject to these kind of unilateral sanctions; unfair, unlawful sanctions against these independent countries.

So we are now facing a serious common problem, a common challenge between us [sic], and this might be a very important driving force for the countries of the SCO.

Alireza Khodagholipour, Center for Political and International Studies (IPIS), Director

At the last Tianjin meeting, Iranian President Masoud Pezeshkian proposed a comprehensive accounts and settlement initiative designed to boost economic resilience.

• SCO summit provides chance to counter US, European unilateralism: Pezeshkian
  

  SCO summit provides chance to counter US, European unilateralism: Pezeshkian

  The Iranian president says the upcoming summit of the Shanghai Cooperation Organization (SCO) provides an opportunity to counter the US and European unilateralism in international affairs.

The plan rests on three pillars: expanding the use of national currency to reduce dollar dependence, developing secure digital infrastructure for cross-border payments, and establishing a multilateral swap fund to provide liquidity support for members facing financial shocks.

We have a new treaty between our countries, which implies the development of economic operations, but the fact is ... that the volume of trade between Russia and Iran is going up.

I would say that this result is on the bilateral side, this is a result of bilateral relations, and as I said today, I would be more happy if this would be a product of multilateral cooperation, right? So, if we design something on the level of multilateral interaction under the auspices of the SCO.

Ivan Timofeev, Russian International Affairs Council, Director

With the Shanghai Cooperation Organization representing 42% of the world's population, this bloc has increasingly been seen by many analysts as a powerful tool to challenge Western aggression and hegemony.

• China’s Xi slams ‘bullying’ behavior in world affairs, urges cooperation to strengthen SCO
  

  China’s Xi slams ‘bullying’ behavior in world affairs, urges cooperation to strengthen SCO

  Chinese president slams “bullying behavior” in international affairs as he opened the Shanghai Cooperation Organization (SCO) summit in Tianjin.

We will be together and we will keep our relations, because in this moment Belarus, Iran, and Russia, and other countries, for example, Venezuela, Cuba, (are) under aggressive pressure, and I think in future we will keep our relations, and to find a good solution in framework, of course, Shanghai Cooperation Organization, and of course another organization.

Ruslan Yesin, Political Commentator

The SCO establishes a sovereign financial infrastructure for Global South countries to neutralize unilateral sanctions through independent multilateral settlement systems.

It empowers member nations to decouple their economies from external hegemony, securing trade, investment, and development on their own terms.

• Iran elected to chair 21st SCO judicial summit in 2026
  

  Iran elected to chair 21st SCO judicial summit in 2026, says deputy foreign minister

  Iran has been elected to host and chair the 21st Summit of Chief Justices of SCO member states in 2026, according to Deputy Foreign Minister Kazem Gharibabadi.

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