Analyzing the financial and banking cooperation among Russia and the SCO member states

Abstract

The article deals with the financial and banking cooperation between Russia and the SCO member states, which is characterized by the availability of a low level and the simultaneous expansion potential, particularly under the contemporary unprecedented sanctions pressure. The author dwells upon the activities of the SCO, including the Interbank Association, comes to the conclusion that practically most of the goals and objectives of financial and economic cooperation within the SCO are mainly declarative without practical implementation. The study is based on such general scientific cognitive methods as induction and deduction, analysis and synthesis, comparison and graphical interpretation of statistical information and time series. The novelty of the article lies in developing the proposals and priority cooperation areas within the SCO and the SCO Interbank Association, as well as the SWOT analysis of the SCO Development Bank, aimed at improving the efficiency of financial and banking cooperation between Russia and the SCO member countries. The author proposes the basic strategy of the SCO Development Bank for strengthening the bank's position as a multilateral development bank, as well as promoting the economic cooperation among the SCO member states. One should take into account the obtained results in creating Russia's bilateral and multilateral cooperation within the SCO.