The mechanism would involve the exchange of Russian fuel for Turkish products
Turkey plans to establish a barter trade with Russia under sanctions pressure, the Aydinlik newspaper reported on Saturday, citing Turkey’s Exporters Assembly (TIM).
According to the report, the measure could be implemented if Turkish banks face sanctions for using the Russian payment system MIR. Earlier this month, Washington announced that foreign banks using Russia’s payment system could be seen as supporting Moscow’s efforts to circumvent sanctions and could face secondary restrictions themselves. While the United States has not imposed sanctions on the MIR system itself, or its operator, NSPK, the company’s head, Vladimir Komlev, was recently placed on the sanctions list.
The outlet noted that according to TIM, Turkey will continue its exchanges and cooperation with Russia even in the face of secondary US sanctions. The arrangement would involve the barter exchange of Turkish products for Russian energy.
Turkish President Recep Tayyip Erdogan said earlier this week he could decide whether the country would continue to allow the use of Mir cards and would discuss alternatives with his government on Friday. However, there is no official report or announcement so far on whether any decisions have been made.
Turkey will decide the fate of the Russian payment system – Erdogan
Five Turkish banks adopted the MIR payment system in early August. This allowed Russian tourists to use their cards to pay for purchases in Turkey. Due to the sanctions, Visa and Mastercard cards issued in Russia no longer work abroad. Earlier this week, however, two private Turkish banks, Ishbank and Denizbank, stopped handling Mir cards to avoid US sanctions.
For more stories on economics and finance, visit RT’s business section
You can share this story on social media: