The average time for receipt of payments from Russia to Turkey has increased to 10 days

Since the beginning of 2024, many Turkish banks have stopped accepting payments in any currency, including rubles and lira, for goods that may be sanctioned, they reported “Vedomosti” with reference to sources in the logistics industry. Settlements with Turkey are carried out through a long chain of intermediaries, which has increased the transfer time from one to ten days.

According to the source, in January, the Turkish intermediary in settlements with Russia, Nurol Bank, limited its cooperation. Up to 40% of Russian banks worked with him. Since the beginning of 2024, many Turkish banks have stopped accepting transfers for sanctioned goods in any currency. It is noted that the restrictions affected not only transfers from Russia to Turkey, but also from Turkey to Europe, when Turkish jurisdiction acted as a transit jurisdiction. Other Turkish banks carry out settlements with delays, requiring additional documents.

As of February 20, Turkish banks only allow transfers for goods on the “green” list, which includes agricultural products, medicines, groceries, textiles, payments in the tourism and education sectors. But even on this list there are delays and restrictions on payments, sources said. The founder of the multi-service platform for business Digital Foreign Economic Activity Anna Fomicheva said that companies often make payments through “pads” in third countries, which is why the average transfer time has increased from one to ten days.

On December 22, US President Joe Biden signed a decree according to which companies that help Russia circumvent sanctions may lose access to the US financial system. The document states that financial institutions working on behalf of persons subject to US sanctions are at risk.

Read more about how mining companies are changing logistics due to sanctions in the material “Russian gold went on chains”.

Alexandra Goroshilova