As the Donald John Trump Administration recently threatened to impose new secondary sanctions on all countries trading with Iran, the 26th Shanghai Cooperation Organisation (SCO) Summit, held in Bishkek, Kyrgyzstan from August 31 to September 1, 2026, decided to make a move that would create troubles for the US.

While many Europeans are unaware of the existence of this organisation, its importance has grown significantly in Asia and Eurasia in the last 25 years since its founding by China, Kazakhstan, Kyrgyzstan, Russia and Tajikistan in 2001. Another five countries – Belarus, India, Iran, Pakistan and Uzbekistan – have become full members of the SCO since then, while 15 others in South and West Asia are dialogue partners. Altogether, they represent over half of the world’s population and one-third of the global economic production. Hence, their policy orientation can make a difference.

At the Bishkek Summit, much attention was given to Iranian President Masoud Pezeshkian. According to his Presidential site, he presented three initiatives: deeper financial and banking cooperation, including greater use of national currencies and eventually establishing an SCO bank; creation of an SCO export and investment insurance union; and establishment of an SCO Energy Consortium to strengthen energy security and cooperation in production, supply, transit and consumption.

The Bishkek Declaration signed by the 10 member-countries noted that progress was made on the plans for an SCO Bank, but nothing more concrete. Kyrgyz President Sadyr Japarov urged the member-nations to actually launch the bank and proposed that headquarters be located in Bishkek. Kazakhstan’s President Kassym-Jomart Tokayev, too, proposed that his country host the bank and that it would concentrate on credit for development of infrastructure, technology and industry.

Russian President Vladimir Vladimirovich Putin, during his speech on September 1, noted that “the Development Bank being established within our organisation” could help finance joint, mutually beneficial economic projects. He stressed: “In my opinion, it (the bank) should be as independent as possible from the financial systems of those countries that use economic instruments as a weapon to gain unilateral advantage in international affairs.” Putin also pointed to the expanded use of national currencies in account settlements between Russia and its SCO partners.

For his part, Chinese President Xi Jinping said that the SCO has managed over the years to find “the right way of coexistence featuring non-alliance, non-confrontation and not targeting any third party, enabling regional countries to build a common home together”. He proposed that member-countries should remain “committed to putting development first and open up the prospects for shared prosperity”.

This article was first published in Executive Intelligence Review (EIR) Strategic Alert weekly newsletter (Volume 40, No. 37) on September 10, 2026.

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Published by Koushik Das

Koushik Das (born on May 16, 1976 in Kolkata) is a career journalist. Based in the Indian capital of New Delhi, Koushik writes mainly about foreign policies and current geopolitical issues, and rarely about other topics. His own political ideas are highly influenced by Antonio Gramsci, Louis Althusser, Michel Foucault, Michael Oakeshott and others. English philosopher and political theorist Oakeshott (Dec 11, 1901-Dec 19, 1990) says that “in political activity, men sail a boundless and bottomless sea. There is neither harbour for shelter nor floor for anchorage, neither starting-place, nor appointed destination. But we have to keep afloat”. (Rationalism in Politics, 1962) As a student of Political Science, Koushik loves to share his views on issues, which have great impacts on his thought process (and also on India, South Asia and of course on the global community), with his readers through his website – Boundless Ocean of Politics. By doing so, he tries to keep himself afloat. You will find some of his articles in https://inserbia.info/today/ (https://inserbia.info/today/author/kou_das13_i/), as he has been trying to assess the global geopolitics since 2003. You can also mail him at kousdas@gmail.com View all posts by Koushik Das