The work to increase the use of national currencies in settlements between the member countries of the Shanghai Cooperation Organization (SCO) cannot be stopped. This was stated on Friday by Russian Foreign Minister Sergei Lavrov following a meeting of the Council of Foreign Ministers (CMFA) of the SCO member states, TASS reports.

“There is an understanding of increasing the use of national currencies in settlements between SCO members. For this, the practices that are now being formed within the Eurasian Development Bank, the Asian Bank for Reconstruction and Development, and the BRICS New Development Bank can be applied. All this was discussed, all this is very relevant,” he said.

“All this is now being considered by relevant departments, ministries of finance, and central banks. This work is going on, it can’t be stopped, in general,” Lavrov said.

At the same time, the head of the Russian Foreign Ministry recalled the proposal put forward by Brazilian President Luiz Inacio Lula da Silva, on the transition within the framework of the BRICS to their own currencies.

“Speaking of the BRICS New Development Bank, we paid attention to the initiative repeatedly expressed by the President of Brazil to switch to their own currencies with the prospect – this is not excluded – of creating some kind of aggregated currency,” Lavrov said.

“The main thing now is to consider practical issues that will make it possible to protect the cooperation of independent, independent states from the actions of the West to abuse its position in the world economy as a whole, including the actions of the United States to abuse the position of the dollar as a reserve currency. Yes, and the euro, in fact, also sins with such approaches, ”summed up the head of the Russian diplomatic department.