Hyderabad, Sept. 1 -- Russian President Vladimir Putin has urged members of the Shanghai Cooperation Organisation (SCO) to set up a development bank independent of existing financial mechanisms, arguing that such systems are increasingly being used as tools to exert economic and geopolitical influence, media reports said on Tuesday, September 1.

Addressing the 2026 SCO Summit in Bishkek, Kyrgyzstan, Putin said the proposed bank should be independent of financial systems used as economic weapons. He also said Russia's trade with SCO countries topped $400 billion last year, reported RT India.The proposal comes at a time when both Iran and Russia face massive sanctions and aligns with Moscow's broader efforts to diversify away from the US d...