Home » Turkey to pay for some Russian gas in rubles | News | DW

Turkey to pay for some Russian gas in rubles | News | DW

by fastnewz

Turkey will swap a part of its funds for Russian gasoline to rubles and plans to deepen ties with Russia by extending the usage of Russia’s Mir cost system, President Recep Tayyip Erdogan mentioned Saturday.

Erdogan made the remarks a day after his assembly with Russian chief Vladimir Putin in Sochi.

Moscow initially made the announcement late Friday after the 2 leaders had their four-hour confab within the North Caucasus. Neither aspect detailed what share of funds would happen in rubles.

The transfer places Erdogan at odds with the USA, which has led the worldwide push to sanction Russia following the invasion of Ukraine on February 24.

Ruble funds assist Russia keep away from greenback funds and restrictions positioned on these funds due to sanctions.

What did Erdogan say about Turkish banking?

Following that go to on Friday, Erdogan informed reporters on his return flight that there’s a new “highway map” to reinforce bilateral relations that can function a “supply of energy between Turkey and Russia in monetary phrases.”

Turkey mentioned 5 banks have been at work to increase the usage of the Mir cost system, making issues simpler for Russian vacationers in Turkey, one of many few remaining nations in Europe nonetheless providing flights to and from Russia.

The European Union, of which Turkey will not be a member regardless of flirting with the chance within the early years of Erdogan’s rule, has closed its airspace to Russian planes and revoked touchdown rights for Russian carriers.

Russia’s fleets are additionally sanctioned in such a method that new elements for outdated plane, together with upkeep, are troublesome to acquire.

Along with these sanctions, key Russian banks have been excluded from the SWIFT transnational banking communication community, making transferring cash an exceedingly troublesome job for Russians in most banks the world over.

Russians accounted for the second-largest variety of vacationers in Turkey within the first half of 2022, with German vacationers being the one ones outnumbering them.

Does Turkey depend on Russian gasoline?

Turkey is a NATO member state, and its transfer to spice up commerce with Russia underscores the dependence on Russia for vitality, together with different areas of the financial system.

Russia supplies roughly 1 / 4 of Turkey’s oil imports and accounts for nearly half of its pure gasoline purchases in 2021.

Russia can also be constructing the nation’s first nuclear energy plant as a part of a three way partnership with Ankara.

ar/fb (AFP, dpa)

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