Putin Proposes SCO Development Bank to Counter Western Sanctions
GS2Polity · Governance · IR· Regional & global groupings (QUAD, BRICS, SCO, G20...)· Prelims + Mains·
Why in news
President Putin proposed an SCO Development Bank at the 26th SCO Summit to create an independent financial framework and counter Western sanctions.
Background
The SCO now comprises 10 countries including China, India, Russia, Iran, and Central Asian states. It is projected to hold an estimated 34.3% of global GDP in PPP terms by 2026, potentially surpassing the G7.
Facts for Prelims
- Intl. orgSCO: Shanghai Cooperation Organisation includes China, India, Russia, Iran, and Central Asian states.
- FactSCO projected to hold 34.3% of global GDP in PPP terms by 2026.
- PostVladimir Putin: President of Russia; Narendra Modi: Prime Minister of India.
For Mains
Q. Discuss the significance of the Shanghai Cooperation Organisation (SCO) in creating an alternative economic and security architecture for the Global South.
Dimensions to cover in your answer
- de-dollarization efforts
- multipolar world order
- regional connectivity
- countering Western sanctions
Keywords: multipolarity · economic sovereignty · alternative frameworks · Global South · geopolitical shift
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