Published on: 2026-10-20
Source: Government of the Russian Federation –
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Context
A. Overchuk: The most important thing to highlight from the recent Council meeting is that all heads of delegations basically spoke about the same issues. There is a shared vision of ways to solve these problems. Of course, everyone spoke about deglobalization issues and the need, in response to this problem, to create new sustainable supply chains, develop industrial cooperation, and create better conditions for the movement of goods. To achieve this, it is necessary to develop the transport framework of Greater Eurasia. To create a digital infrastructure that will support the movement of goods across the territories of the states participating in the Shanghai Cooperation Organization.
They discussed financial mutual settlements. Today, countries have already switched to mutual settlements in national currencies. Therefore, the meeting mainly focused on the creation of a new bank – the SCO bank. They talked about the principles on which this bank would be established. Certain wishes were expressed that this bank should be independent and carry out settlements in national currencies.
They talked about shaping the future generation, about youth. The range of discussion was very broad.
Question: On the Russian side, there was an initiative to create a working group for the development of the creative economy. Is this a request for soft power?
A. Overchuk: Indeed, the creative economy is developing, its share in GDP creation is increasing. You know, in our country we pay very close attention to this issue. A lot of work is being done here through the Ministry of Economic Development. Other countries also express interest in creating such creative products. There is truly a shared interest in the joint development of this market.
Question: A question about the SCO Interbank Association. Today, the creation of a bank and the principles on which it will operate were discussed. Is the equity participation known, and how much will each side contribute?
A. Overchuk: It is too early to talk about this because the principles of creating this organization are still being discussed. Overall, everyone supports it, but it is very important that the organization is truly functional, that under the rules by which it will be established, discrimination against individual member states of this organization is not allowed, and that it can operate freely in all member countries. The issue of national currencies, the issue of attracting funds, the sources of attracting funds—all these questions still need to be resolved.
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