The Ministry of Trade of Turkey intervened in the situation with problematic transfers to the Russian Federation – Kommersant

The Turkish Ministry of Trade is looking into the situation with difficulties with bank transfers to Russia, a source said TASS, close to the department. The ministry is collecting proposals from companies that have encountered problems. According to the interlocutor of the Russian state agency, the Turkish authorities are counting on resolving the situation as soon as possible.

The problems mainly arose among private banks, a TASS source at the Istanbul Chamber of Commerce said. According to him, the situation should improve by the end of January. The head of the Union of Turkish Contractors, Mustafa Gültepe, said that problems arose over the past 15-20 days. According to him, they will be resolved by early February. Representatives of the Istanbul business community spoke about the difficulties faced by companies operating in industries such as chemicals, automobiles, footwear, and transportation. Representatives of Istanbul’s Lyaleli district, which is considered the center of shuttle trade, also complain about problems.

Turkish exporters are faced with banks refusing to carry out transactions from Russia from December 2023. According to the publication Ekonomim, money transfers have practically stopped since January 1. The situation, according to Kommersant’s sources, began to become complicated in the summer, and sharply worsened after the December 22 decree of the US President on secondary sanctions – as a result, Turkish banks severed correspondent relations with almost all Russian credit institutions. Market participants argue that similar problems, although on a smaller scale, have already begun to arise with Chinese banks.

Read more about the problem in the Kommersant article. “Lyra awakened the evil”.

Leonid Uvarchev