Sanctions disrupt $55 billion trade between Russia and Turkey

Trade settlements between Russia and Turkey, estimated to be worth over $55 billion this year, are facing potential disruptions due to recent Western sanctions against Russia.

According to Russian media reports, heightened scrutiny from U.S. authorities is affecting the flow of bank transfers between the two countries, creating significant challenges for their trade relations.

The sanctions have led to increased monitoring of all transfers to and from Russia.

An anonymous source cited by Russian news outlet Ria Novosti revealed that both state and private banks in Turkey are experiencing intensified pressure from the United States.

The source stated, "Our banks, both state and private, are currently under increased pressure from the United States in light of the recent package of sanctions against Russia. All sources of transfers from and to Russia are being checked, and bank accounts are being opened under increased control of head offices."

Turkey, along with China and India, is one of Russia's key trading partners.

Turkish President Recep Tayyip Erdogan recently projected the trade turnover between Russia and Turkey to reach $55 billion this year.

However, this economic relationship is now under strain, with no immediate resolution in sight.

Russian Ambassador to Ankara, Alexey Erkhov, commented on the situation, suggesting that the intention behind these measures is to undermine Russian-Turkish trade and economic cooperation.

Erkhov noted that several transfers had already been blocked, and bank accounts were closed as a direct result of the sanctions and associated pressures.

The difficulties are not limited to Turkey.

Russian trade settlements with China have also been affected, particularly payments for dual-use products that could serve both civilian and military purposes.

Banks are reportedly avoiding processing such transactions to comply with the sanctions, further complicating Russia's international trade landscape.