Russian PM suggests internal payment system between Shanghai Cooperation Organisation members

Russian Prime Minister Mikhail Mishustin has urged member states of the Shanghai Cooperation Organisation (SCO) to gain independence from the influence of third countries in the financial sector.

The Kommersant reports on this, adding that the minister suggested the implementation of the SCO’s own internal system for the execution of payment transactions.

"The common task is to gain independence from the influence of third countries in the financial sector. In order to reach this, I suggest to the SCO to set up its own system for the digital exchange of financial information and the execution of bank transactions", Mishustin said during his speech at the summit of the SCO’s members heads of state.

According to his statement, the national platforms for interbank telecommunication can be used for such transactions.

The Russian prime minister believes that this will allow for the creation of more predictable, understandable and reliable conditions for enterprises.

He added, that the trade volume in food and agricultural products between Russia and the SCO countries in the first eight months of the year amounted to $156 billion, which is a quarter more than last year.