Iranian President Masoud Pezeshkian told a summit of the Shanghai Cooperation Organization in Tianjin that members must expand trade in national currencies and strengthen financial mechanisms to withstand sanctions.
Addressing the gathering on Monday, Pezeshkian outlined a three-part proposal called the “Special Accounts and Settlements of the Shanghai Cooperation Organization.”
The plan proposes to expand the use of national currencies in trade, develop shared digital systems including central bank digital currencies, and create a multilateral swap fund to support members facing sanctions or liquidity crises.
“This initiative will enhance economic resilience and turn the SCO into a model of a fair multipolar financial order,” he said.
He also urged the formation of a committee of foreign ministers to manage crises and respond quickly to violations of sovereignty.
This was not the first time Pezeshkian stressed de-dollarization. At a BRICS meeting in Russia in 2024, he said the bloc was recognized for “challenging the dominance of the dollar” and promoting national currencies.
At that time, an image of a banknote bearing the BRICS emblem in the hands of Russian President Vladimir Putin at the organization’s summit in Tatarstan drew media attention and sparked discussion about the possibility of its members adopting a common currency.
In December 2024, before officially taking office as US President Donald Trump warned BRICS members that if they used any currency other than the US dollar, they would face a 100% tariff.
Absent from leaders’ photo
A video released Sunday showed Pezeshkian missing from the customary group photo.
Iranian media said he arrived late, while his deputy for communications said the official summit was to begin the following day and the photo was taken during an informal banquet. Unofficial Iranian accounts said his absence was due to alcohol being served at the reception, an issue sensitive for Iranian officials.
Tehran is seen as banking on bilateral meetings during the summit, particularly with Russian President Vladimir Putin and China’s Xi Jinping, as it seeks to manage fallout from its nuclear dispute with the West.
Founded in 2001 by China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan, the Shanghai Cooperation Organization (SCO) initially focused on regional security and counterterrorism.
Over time, China and Russia have framed it as a counterweight to US and NATO influence. The SCO now has 10 full members—including India, Pakistan, Iran (since 2023), and Belarus (since 2024)—and its agenda has expanded to economic, political, and military cooperation.
