Turkey has solved the problem of paying for exports to Russia for four industries

Turkish exporters of ready-to-wear, textiles, shoes and food no longer have problems with bank transfers from Russia to Turkey. The funds began to flow through Emlak Katilim Bank, Ekonomim newspaper reports.

According to her, the Turkish Ministry of Commerce, which joined the discussion of the issue, is currently negotiating to solve problems with transfers for companies in the automotive and engineering sectors.

Ekonomim reported on January 15 that Turkish exporters faced the problem of banks refusing to conduct money transfers from Russia intended to pay for the delivery of goods. It was noted that the problem began to take on a serious character from December 2023. Then many exporters began to complain that they could not receive payments in Turkish lira and rubles from Russia: Such transfers were either sent back directly by some private banks, or rejected at the initial stage of the transaction, allegedly due to the fact that payment is made for sanctioned products. According to the newspaper, such money transfers have almost stopped since January 1.

Russian Ambassador to Ankara Alexey Yerkhov said on January 17 that the embassy and the trade mission are conducting intensive contacts with the Turkish authorities in connection with the refusal of some Turkish banks to make payments to Russian business entities. According to him, some banks directly refer to Western sanctions, the decision to tighten them was made at the end of December 2023. The diplomat expressed hope that as a result of the efforts being made, it will be possible to find a solution that would satisfy both Turkish exporters selling goods that are not subject to sanctions and their Russian partners.

According to Ekonomim, some Turkish exporters who cannot receive bank transfers solve the problem of payments through companies or their representatives in Russia who are directly involved in the sale of supplied products. If there are any in Turkey, then some exporters use the system of financial transactions in the world-famous Istanbul Grand Bazaar market, but the details are not disclosed. A source at the Istanbul Chamber of Commerce told TASS that, most likely, payment is made either in cash or using cryptocurrency.