“Because of this pressure on Turkish banks, Turkey lost about $2 billion in export revenues in the first eight months. But most likely the losses are much higher,” the Turkish expert added in an interview with a Novosti correspondent.
The expert stressed that economic relations between the two countries will not deteriorate completely because of this, but many opportunities have been lost.
“How will Russia rely on Turkey when it faces problems? I am sure that the Kremlin’s economists are probably asking this question. Their Turkish colleagues should think about it too,” Erçin said.
Earlier, Russian Ambassador to Ankara Alexei Yerkhov told RIA Novosti that problems in mutual settlements between Russia and Turkey still exist, there are cases of blocking transfers and closing accounts. Cases of “pressure” on companies involved in the transportation of goods to Russia are becoming more frequent in Turkish banks.
The ambassador said that the West is deliberately destroying Russian-Turkish trade and economic cooperation.
For his part, an informed source in the Turkish financial market told Novosti that Turkish banks are facing increasing pressure from the United States due to transactions with Russia, and are regularly receiving warnings about the need to impose strict control over the sources of payment transfers.
The representative of the Turkish state-owned Ziraat Bank noted that there are no fundamental changes in the issue of resolving the problem of bank transfers from Russia to Turkey; and the time frame for resolving the situation is unknown.
Earlier, Andrey Kostin, head of Russia’s VTB Bank, said that creating a mechanism based on national and digital currencies could be a solution to banking difficulties between Russia and Turkey.
Source: Novosti
#Economist #reveals #extent #Turkish #banks #losses #due #sanctions
2024-09-11 12:25:12
Does Turkey support Russia or Ukraine
Table of Contents
Turkey’s Delicate Balancing Act: Navigating Economic Ties with Russia Amid Western Pressure
Turkey’s economic relations with Russia have been under scrutiny in recent months, with the country facing increasing pressure from the West over its continued trade with Russia. Despite the challenges, Turkey has managed to maintain a delicate balance in its economic ties with Russia, but at what cost?
Surge in Exports to Russia Raises Concerns
In recent months, Turkey’s exports to Russia have surged, sparking concerns about sanctions evasion [[1]]. This increase in trade has led to urgent diplomatic discussions, with many raising questions about Turkey’s commitment to upholding Western sanctions against Russia.
Turkey’s Role in Russia’s Sanctions Loophole
Furthermore, it has been reported that Turkey has become a key player in Russia’s efforts to circumvent Western sanctions. Moscow has exploited a loophole that allows Turkey to relabel Russian oil and ship it to the EU, earning Russia €3 billion in the process [[2]]. This has led to accusations that Turkey is enabling Russia’s evasion of sanctions.
Consequences of Turkey’s Economic Ties with Russia
The consequences of Turkey’s economic ties with Russia are already being felt. Turkish banks are facing increasing pressure from the United States due to transactions with Russia, resulting in losses of around $2 billion in export revenues in the first eight months of the year [[3]]. Additionally, there have been cases of blocking transfers and closing accounts, as well as pressure on companies involved in the transportation of goods to Russia.
Turkey’s Delicate Balancing Act
Turkey’s economic relations with Russia are a delicate balancing act. On one hand, the country wants to maintain good relations with Russia, a key trading partner. On the other hand, Turkey must navigate the pressure from the West, which is pushing for stronger sanctions against Russia.
Risks to Long-Term Ties
The ongoing tensions between Turkey and Russia over arms supplies to Kyiv and compliance with U.S. sanctions threaten to endanger the long-term partnership between the two countries [[3]]. Moscow’s anger over Turkey’s actions has sparked a rift in the relationship, which could have far-reaching consequences for both countries.
Conclusion
Turkey’s economic relations with Russia are a complex web of interests and allegiances. While the country has managed to maintain a delicate balance so far, the risks to its long-term ties with Russia are growing. As the pressure from the West continues to mount, Turkey must navigate this treacherous landscape carefully to avoid losing out in the process.
Optimized keywords: Turkey, Russia, sanctions, economic ties, trade, exports, oil, EU, US pressure, diplomatic relations, economic losses, banking pressure.
What are the implications of Turkey’s increasing exports to Russia on its relationships with Western allies?
Turkey’s Delicate Balancing Act: Navigating Economic Ties with Russia Amid Western Pressure
Turkey’s economic relations with Russia have been under scrutiny in recent months, with the country facing increasing pressure from the West over its continued trade with Russia. Despite the challenges, Turkey has managed to maintain a delicate balance in its economic ties with Russia, but at what cost?
Surge in Exports to Russia Raises Concerns
In recent months, Turkey’s exports to Russia have surged, sparking concerns about sanctions evasion [[1]]. This increase in trade has led to urgent diplomatic discussions, with many raising questions about Turkey’s commitment to upholding Western sanctions against Russia.
Turkey’s Role in Russia’s Sanctions Loophole
Furthermore, it has been reported that Turkey has become a key player in Russia’s efforts to circumvent Western sanctions. Moscow has exploited a loophole that allows Turkey to relabel Russian oil and ship it to the EU, earning Russia €3 billion in the process [[2]]. This has led to accusations that Turkey is enabling Russia’s evasion of sanctions.
Consequences of Turkey’s Economic Ties with Russia
The consequences of Turkey’s economic ties with Russia are already being felt. Turkish banks are facing increasing pressure from the United States due to transactions with Russia, resulting in losses of around $2 billion in export revenues in the first eight months of the year [[3]]. Additionally, there have been cases of blocking transfers and closing accounts, as well as pressure on companies involved in the transportation of goods to Russia.
Turkey’s Delicate Balancing Act
Turkey’s economic relations with Russia are a delicate balancing act. On one hand, the country wants to maintain good relations with Russia, a key trading partner. On the other hand, Turkey must navigate the pressure from the West, which is pushing for stronger sanctions against Russia.
Risks to Long-Term Ties
The ongoing tensions between Turkey and Russia over arms supplies to Kyiv and compliance with U.S. sanctions threaten to endanger the long-term partnership between the two countries [[3]]. Moscow’s anger over Turkey’s actions has sparked a rift in the relationship, which could have far-reaching consequences for both countries.
Conclusion
Turkey’s economic relations with Russia are a complex web of interests and allegiances. While the country has managed to maintain a delicate balance so far, the risks to its long-term ties with Russia are clear. As Turkey navigates the complex landscape of international relations, it must carefully consider the consequences of its economic ties with Russia and the impact on its relationships with the West.
