Putin Proposes SCO Development Bank to Counter Western Sanctions

At the 26th SCO Summit, Russian President Vladimir Putin proposed establishing an independent SCO Development Bank to reduce reliance on Western financial systems and counter sanctions. This aligns with efforts by Russia and Iran to create alternative economic frameworks within the bloc. The SCO, now comprising China, India, Russia, Iran, and Central Asian states, has grown from a six-member group into a 10-country bloc with an estimated 34.3% share of global GDP in PPP terms by 2026, surpassing that of the G7. Prime Minister Narendra Modi emphasized focusing on delivering tangible outcomes under the pillars of Security, Connectivity, and Opportunity over the next 25 years.