• Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
  • Disclaimer
Thursday, December 25, 2025
CryptoBangs.com
Advertisement
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
    • Altcoin
    • NFT News
  • DeFi
  • Blockchain
  • Regulation
  • Shop
  • Blog
  • Calculator
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
    • Altcoin
    • NFT News
  • DeFi
  • Blockchain
  • Regulation
  • Shop
  • Blog
  • Calculator
No Result
View All Result
CryptoBangs.com
No Result
View All Result

Saudi Arabia Strengthens Bond With China by Joining SCO Bloc as Dialogue Partner – Economics Bitcoin News

April 8, 2023
in Bitcoin
Reading Time: 6 mins read
A A
Saudi Arabia Strengthens Bond With China by Joining SCO Bloc as Dialogue Partner – Economics Bitcoin News
ShareShareShareShareShare

Related articles

Tucker Carlson and Roger Ver Reveal Shocking Details About US Extradition Battle and Bitcoin in Exclusive TCN Interview

Tucker Carlson and Roger Ver Reveal Shocking Details About US Extradition Battle and Bitcoin in Exclusive TCN Interview

December 10, 2024
Former US Treasury Secretary Calls Trump’s National Bitcoin Reserve Proposal ‘Crazy’

Former US Treasury Secretary Calls Trump’s National Bitcoin Reserve Proposal ‘Crazy’

December 10, 2024

China’s relationship with Saudi Arabia is growing as the country’s Cabinet has agreed to join the Shanghai Cooperation Organization (SCO). The diplomatic move made by the kingdom began with a memorandum of understanding in September, and at the end of March, Saudi Arabia’s Cabinet approved the decision to become a dialogue partner. The Cabinet’s decision followed Saudi Arabia’s resumption of its relationship with Iran in a deal brokered by China.

Riyadh Joins China’s SCO; Kingdom Ends 7-Year Breakup With Iran

China, a member of the BRICS bloc, has been strengthening its relationship with Saudi Arabia recently. Several reports indicate that the Cabinet in Riyadh has approved a decision to join the Shanghai Cooperation Organization (SCO). The SCO is a union of Eurasian states established by China, and it is the world’s largest political, economic, and military alliance. Members include India, Russia, Pakistan, Kazakhstan, Kyrgyzstan, and Tajikistan, among others. In September 2022, Oilprice.com author Simon Watkins was the first to report that Saudi Arabia initiated a memorandum of understanding to join the SCO.

Amid Saudi Arabia’s Cabinet approval to join the SCO, the country revealed a renewed relationship with Iran and plans to reduce daily oil production. Senior Saudi and Iranian diplomats recently met in China to restore the two countries’ relationship. Iran reported that it would reopen embassies and consulates, and the two regions would revive trade deals. However, the U.S. Central Intelligence Agency (CIA) director Bill Burns emphasized in a report published by The Washington Post that the United States feels “blindsided” by Riyadh’s moves to work with Iran.

Saudi Arabia Strengthens Bond With China by Joining SCO Bloc as Dialogue Partner
Two days ago diplomats from China, Iran, and Saudi Arabia met in Beijing to reinstate the relations between Riyadh and Tehran.

On April 6, Saudi and Iranian officials met in Beijing and resumed flights and visa issuance for citizens between the two countries after a seven-year breakup. Iran is also among nine dialogue partners, including Turkey and Qatar, as an SCO observer member. The United States’ request to become an SCO observer was denied in 2005. The SCO is led by Secretary-General Zhang Ming and is headquartered in Beijing. While China and Saudi Arabia’s relationship has grown deeper, the Kingdom’s bond with Russia has strengthened during the same period.

Six days ago, Bitcoin.com News reported that Saudi leaders had announced oil production cuts with members of the Organization of the Petroleum Exporting Countries (OPEC). The Russian Federation also said it would participate in oil production cuts, joining hands with Riyadh, and has been collaborating with Saudi Arabia in this manner since December 2016. The following year, Saudi leaders and Russia grew closer when king Salman bin Abdulaziz Al Saud visited in 2017. The bond between the two nations has also grown stronger since Saudi crown prince Mohammad bin Salman coordinated a deal to release ten prisoners of war in September.

BRICS Countries Increase Political Maneuvers

The BRICS countries (Brazil, Russia, India, China, and South Africa) have significantly increased the pace of their political maneuvers over the past month. For instance, China settled a bilateral deal with Brazil to purchase Liquefied Natural Gas (LNG) in their respective national currencies. At the same time, the BRICS bloc has emerged as the world’s largest gross domestic product (GDP) group. India has announced that it will facilitate international trade settlements in rupees under the latest foreign trade policy framework enacted on April 1. Russia’s deputy chairman of the State Duma, Alexander Babakov, revealed that the BRICS bloc plans to meet and discuss a new reserve currency issued by BRICS.

When the United States was denied observer status by the Shanghai Cooperation Organization (SCO) in 2005, Russia and China expressed concern about the U.S. presence in Central Asia. At the time, SCO members believed that the U.S. had not shown sufficient commitment to the organization’s principles and goals to justify granting observer status. Over the past 17 years, the relationship between the United States and China and Russia has deteriorated significantly.

While China has been seeking to form new alliances in Africa, U.S. vice president Kamala Harris visited Africa last week, according to a New York Times report. The meeting, the NYT reported, was “intended to send a simple message to its governments and people — China is not your friend. The United States is.” Russia, too, has been working with several African nations, and it has been suggested that Africa’s relationships with China and Russia could lead to a cold war with the United States.

Tags in this story
Africa, alliances, beijing, Brazil, brics, Central Intelligence Agency, China, CIA, consulates, Crown Prince Mohammad bin Salman, embassies, Eurasian states, foreign trade policy framework, India, Iran, Kazakhstan, King Salman bin Abdulaziz Al Saud, Kyrgyzstan, liquefied natural gas, LNG, oil production, opec, Organization of the Petroleum Exporting Countries, pakistan, reserve currency, rupees, Russia, Russian Federation, Saudi Arabia, SCO, Shanghai Cooperation Organization, South Africa, State Duma, Tajikistan, trade deals, United States

​​What do you think the implications of Saudi Arabia joining the Shanghai Cooperation Organization as a dialogue partner will be for the region and the world? Share your thoughts in the comments below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It


Credit: Source link

ShareTweetSendPinShare
Previous Post

Will DigiToads outpace Sandbox & Conflux from its presale?

Next Post

Three Things That Could Push SHIB Past $0.01

Related Posts

Tucker Carlson and Roger Ver Reveal Shocking Details About US Extradition Battle and Bitcoin in Exclusive TCN Interview

Tucker Carlson and Roger Ver Reveal Shocking Details About US Extradition Battle and Bitcoin in Exclusive TCN Interview

December 10, 2024

In a recent interview on the Tucker Carlson Network, Tucker Carlson explored Roger Ver’s perspective on his ongoing legal battle...

Former US Treasury Secretary Calls Trump’s National Bitcoin Reserve Proposal ‘Crazy’

Former US Treasury Secretary Calls Trump’s National Bitcoin Reserve Proposal ‘Crazy’

December 10, 2024

President-elect Donald Trump’s proposal to establish a national Bitcoin reserve has ignited a wave of criticism from economic experts, including...

Almost $10 Billion Invested In US Bitcoin ETFs

Almost $10 Billion Invested In US Bitcoin ETFs

December 10, 2024

Este artículo también está disponible en español. Since Donald Trump became president-elect a little more than a month ago, roughly...

BRICS Retaliation Ahead? Expert Predicts US Tariff Fallout

BRICS Retaliation Ahead? Expert Predicts US Tariff Fallout

December 10, 2024

BRICS nations brace for a global economic standoff as U.S. tariff threats spark concerns about trade retaliation and geopolitical tensions,...

Crypto Fund Flows Hit $3.85 Billion Weekly Record As Bitcoin And Ethereum Dominate

Crypto Fund Flows Hit $3.85 Billion Weekly Record As Bitcoin And Ethereum Dominate

December 9, 2024

According to the latest report by CoinShares, crypto asset investment products have achieved a historic milestone, with weekly inflows totaling...

Load More
Next Post
Three Things That Could Push SHIB Past $0.01

Three Things That Could Push SHIB Past $0.01

No Content Available
CryptoBangs.com

CryptoBangs.com is an online news portal that aims to share the latest crypto news, bitcoin, altcoin, blockchain, nft news and much more stuff like that.

What’s New Here!

  • Tucker Carlson and Roger Ver Reveal Shocking Details About US Extradition Battle and Bitcoin in Exclusive TCN Interview
  • Goldman Sachs eyeing crypto market-making for Bitcoin, Ethereum if US regulations shift
  • BC.GAME Announces UFC Welterweight Champion Colby Covington as New Brand Ambassador
  • How High Will Dogecoin Rise If the Markets ‘Go Wild’?

Newsletter

Don't miss a beat and stay up to date with our Newsletter!
Loading

  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
  • Disclaimer

© 2023 - CryptoBangs.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
    • Altcoin
    • NFT News
  • DeFi
  • Blockchain
  • Regulation
  • Shop
  • Blog
  • Calculator

© 2018 JNews by Jegtheme.

Please enter CoinGecko Free Api Key to get this plugin works.
WP Twitter Auto Publish Powered By : XYZScripts.com