The SCO’s Growing Influence on Commodities 02 September 2025 The Shanghai Cooperation Organisation (SCO) may be familiar by name, but few appreciate the scale of its impact. Representing 43% of the world’s population and nearly a quarter of global GDP, the SCO is quietly reshaping global trade and commodity flows. Since the Ukraine war, trade patterns have shifted dramatically. G7 exports to Russia have collapsed, while Chinese exports have surged—transportation equipment alone is up nearly 500%. India, previously minimally reliant on Russian crude, now sources the majority of its oil from Moscow. Energy and commodity corridors are pivoting east and south. Perhaps most strikingly, SCO members are increasingly trading oil and commodities outside the dollar system, challenging financial infrastructures that have underpinned global markets for decades. For commodities players, this is not a distant geopolitical story. It represents a live reordering of supply chains, pricing systems, and financial flows, with China emerging as a primary beneficiary. Gapuma continues to monitor these developments closely, ensuring that our operations and global partnerships remain agile, informed, and aligned with evolving market realities.