Politics
President Xi pushes for expanded SCO role via development bank
Chinese President Xi Jinping announced plans to accelerate the creation of a Shanghai Cooperation Organization (SCO) development bank during the annual summit in Tianjin, aiming to broaden the group’s influence and scope.
“Amid increasing global complexity and turbulence, member states face growing security and development challenges,” Xi said in his opening remarks on Monday.
He pledged $1.4 billion in loans over the next three years for SCO member countries, though the funds were not specifically allocated to the new bank.
The summit brought together Xi, Russian President Vladimir Putin, and leaders from several dozen nations.
Originally viewed as a counterbalance to U.S. influence in Central Asia, the SCO has expanded in size and influence over the years, but remains primarily a security-focused forum.
With the development bank and a loan program, Xi is seeking to expand the organisation’s role beyond security matters.
“He wants to provide an alternative world order, as the U.S.-led system is in decline.
This is the main narrative,” said Alfred Wu, a professor at the National University of Singapore’s Lee Kuan Yew School of Public Policy.
Xi also urged countries to “oppose Cold War mentalities, bloc confrontations, and bullying, and safeguard an international system with the United Nations at its core.”
He called for an “equal and orderly multipolar world, inclusive economic globalization, and a fairer and more just global governance system.”
Founded in 2001, the SCO now includes Russia, Belarus, China, India, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, and Uzbekistan as full members.
Afghanistan and Mongolia are observers, while 14 other countries, mainly from Southeast Asia and the Middle East, participate as “dialogue partners.”
At the summit, Xi also criticized global “bullying behavior” as he met with regional leaders to discuss cooperation and stability.
He called on the leaders including Russia’s Vladimir Putin and India’s Narendra Modi to “adhere to fairness and justice… oppose Cold War mentality, camp confrontation, and bullying behaviour”, in a speech in the northern city of Tianjin.
The Shanghai Cooperation Organisation, which is gathering for a two-day summit, comprises China, India, Russia, Pakistan, Iran, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan and Belarus with 16 more countries affiliated as observers or “dialogue partners”.
China and Russia have sometimes touted the SCO as an alternative to the NATO military alliance.
“The current international situation is becoming chaotic and intertwined,” Xi told the leaders.
“The security and development tasks facing member states have become even more challenging,” he added.
“Looking back, despite tumultuous times, we have achieved success by practicing the Shanghai spirit,” he said, referring to the name of the group.
“Looking to the future, with the world undergoing turbulence and transformation, we must continue to follow the Shanghai spirit, keep our feet on the ground, forge ahead, and better perform the functions of the organisation.”
U.S. President Donald Trump announced on Thursday that all trade negotiations with Canada have been terminated, following what he described as a fraudulent advertisement featuring former President Ronald Reagan criticizing tariffs.
“Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED,” Trump wrote on Truth Social.
Earlier this week, Ontario Premier Doug Ford noted that the anti-tariff ad had caught Trump’s attention.
The advertisement showed Reagan, a Republican, criticizing tariffs on foreign goods and highlighting how they could lead to job losses and trade wars.
“I heard that the president saw our ad. I’m sure he wasn’t too happy,” Ford said on Tuesday.
Trump has frequently used tariffs as leverage in international trade, raising U.S. tariffs to their highest levels since the 1930s.
He has regularly threatened additional duties, prompting concerns among businesses and economists.
Canadian Prime Minister Mark Carney told reporters on Thursday that Canada will not allow unfair U.S. access to its markets if talks on various trade deals with Washington fail.
Trump imposed tariffs on Canadian steel, aluminum and autos earlier this year, prompting Ottawa to respond in kind.
The two sides have been in talks for weeks on a potential deal for the steel and aluminum sectors.
Next year, the U.S., Canada and Mexico are due to review their 2020 continental free-trade agreement.
- US sanctions hit Moscow’s two largest oil companies.
- India poised to sharply cut Russian oil imports.
- Russia faces demand drop from two biggest customers.
SINGAPORE: Chinese state oil majors have suspended purchases of seaborne Russian oil after the United States imposed sanctions on Rosneft and Lukoil, Moscow’s two biggest oil companies, multiple trade sources said on Thursday.
The move comes as refiners in India, the largest buyer of seaborne Russian oil, are set to sharply cut their crude imports from Moscow to comply with the US sanctions imposed over the Kremlin’s invasion of Ukraine.
A sharp drop in oil demand from Russia’s two largest customers will put a strain on Moscow’s oil revenues and force the world’s top importers to seek alternative supplies and push up global prices.
Chinese national oil companies PetroChina, Sinopec, CNOOC and Zhenhua Oil will refrain from dealing in seaborne Russian oil at least in the short-term due to concern over sanctions, the sources said.
The four companies did not immediately respond to requests for comment.
While China imports roughly 1.4 million barrels of Russian oil per day by sea, most of that is bought by independent refiners, including small operators known as teapots, although estimates of purchases by state refiners vary widely.
Vortexa Analytics pegged Russian oil purchases by Chinese state firms at under 250,000 bpd for the first nine months of 2025, while consultancy Energy Aspects put it at 500,000 bpd.
Unipec, the trading arm of Sinopec, stopped Russian oil buying last week after Britain designated Rosneft and Lukoil, as well as shadow fleet ships and Chinese entities, including a major Chinese refiner, two trade sources said.
Rosneft and Lukoil sell most of their oil to China through intermediaries instead of directly dealing with buyers, traders said.
Independent refiners, meanwhile, are likely to pause buying to assess the impact of sanctions but would still look to continue Russian oil purchases, several traders said.
Prior to Wednesday’s sanctions announcement, offers for November-loading ESPO crude slid to a premium of $1 per barrel to ICE Brent, versus previous trades done in early October at a $1.70 premium.
China also imports approximately 900,000 bpd of Russian oil by pipeline, all of it going to PetroChina, which several traders said was likely to be little affected by sanctions.
India and China are expected to turn to other supplies, pushing up prices for non-sanctioned oil from the Middle East, Africa and Latin America, traders said.
Nearly 700 foreigners, including Pakistanis, have fled Myanmar and crossed into Thailand, the Thai army said on Thursday, following a military operation against the KK Park, a notorious cybercrime compound.
Thailand has detained 677 people, including 618 men and 59 women, after they crossed the border into Tak province, it said in a statement.
Myanmar’s military has taken control of KK Park and is inspecting the area, driving a large number of people into Thailand, the statement said.
The people are now undergoing legal procedures and screening, and Thai authorities have also made additional detention facilities available in case existing spaces become insufficient, the army said.
“All actions are in line with legal and humanitarian principles,” it said, adding that it was working closely with local security agencies to maintain order along the Thai-Myanmar border.
The group consists primarily of individuals from India and China, with smaller numbers from Vietnam, Pakistan, Indonesia and several other countries, the army said.
Myanmar’s KK Park is a notorious enclave known to international law enforcement and diplomats for its involvement in cyberscams.
KK Park’s sprawling compound and others nearby are run primarily by Chinese criminal gangs and guarded by local militia groups aligned to Myanmar’s military.
Border areas between Thailand, Myanmar, Laos and Cambodia have become hubs for online fraud since the COVID-19 pandemic, and the United Nations says billions of dollars have been earned from the trafficking of hundreds of thousands of people forced to work in scam compounds.
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