New Delhi, July 4: Russian President Vladimir Putin on Tuesday said that his country will stand up against Western sanctions and 'provocations'.
Addressing the virtual SCO summit, Putin said Moscow planned to boost ties with the grouping and supported the transition to settlements in local currencies in foreign trade.
He also warned that the potential for conflicts and the risk of a global economic crisis were on the rise.
Putin was referring to the sanctions that Russia faces from Europe in the aftermath of its ongoing war with Ukraine.
The SCO summit began Tuesday through virtual mode with the opening address by Prime Minister Narendra Modi, who said that SCO shouldn't hesitate in criticising countries supporting cross-border terrorism.
India holds the presidency of SCO currently. Chinese President Xi Jinping and Pakistan Prime Minister Shehbaz Sharif are also participating in the virtual summit.
Meanwhile, the Russian President thanked PM Modi for organising the summit. "I would like to thank PM Modi for organising this summit. Russia supports the New Delhi declaration which gives a consolidated approach to international issues.
"We will continue to strengthen ties with SCO member states," Putin said.
"Another focus of the SCO is the current situation in Afghanistan. The situation, regrettably, is not becoming better. The SCO's priority must be counter terrorism, counter radicalism, extremism and to counter drug trafficking," the Russian President added.
This was Putin's first appearance at an international event after a failed coup attempt by Wagner group against his government in late June.