ALBAWABA - In his speech addressing the virtual Shanghai Cooperation Organisation (SCO) Summit, President Vladimir Putin emphasized the fact that Russia will be standing its grounds against the international community sanction, following Russia's invasion of Ukraine.
"Russia counters all these external sanctions, pressures, and provocations and continues to develop as never before," Putin addressed the SCO Summit attendees.
Even though Putin made several public appearances, this speech is accounted for being his first international appearance among world leaders following the Wagner Group rebellion later in June.
"I would like to thank my colleagues from the SCO countries who expressed support for the actions of the Russian leadership to protect the constitutional order and the life and security of citizens," Putin added.
He added that more than 80% of trade between Chinese and Russian people was in roubles and yuan, and urged other SCO members to follow the same process, BBC reported.
Putin also welcomed Russia's long-time ally's decision in submitting its official request to join the SCO as a permanent member next year.
Despite the presence of more well-known forums such as the BRICS (Brazil, Russia, India, China, and South Africa), the G20, and the G7, analysts argue that the group's potential should not be underestimated. The SCO accounts for about 40% of the world's population and more than 20% of global GDP. It will control over 20% of the world's oil reserves when coupled with Iran's.
