Russian President Vladimir Putin urged Tuesday the member countries of the Shanghai Cooperation Organization (SCO), including China, India, and Iran, to coordinate their energy policies in the context of sanctions affecting the Russian economy.

Russian President Vladimir Putin has urged member countries of the Shanghai Cooperation Organization (SCO) to coordinate their energy policies, emphasizing the importance of closer collaboration among SCO partners, including China, India, and Iran. During a meeting in Moscow, Putin stated that Russia is doing everything possible to ensure a stable supply of energy resources, despite external sanctions imposed by the U.S. on Russian oil companies. He estimated trade with SCO countries at over 400 billion dollars annually and called for intensified efforts to create a competitive logistics network in the Eurasian region. Putin will visit India in December to ensure the continuation of Russian oil purchases, despite threats of sanctions from the U.S. The price of Russian oil has recently decreased, and revenues from hydrocarbon exports have dropped by 27% compared to last year.