Due to fear of sanctions, Turkish banks refuse to cooperate with Russian companies. The publication reports that “Kommersant” With reference to sources in the financial market and foreign trade participants.
Correspondent relations and payment processing are suspended before the contract is officially closed. Some subsidiaries of foreign banks in Russia are an exception. The difficulties had existed for a long time, but by the end of 2023 the situation had seriously worsened and spread to almost all banks in Turkey.
Since January 1, remittances from companies to Turkey from Russia have virtually stopped, exporters have stopped receiving payments in lira and rubles, and some banks have even returned previously accepted transactions, explaining that the transactions relate to “prohibited goods”. A source in the Turkish banking industry said the problems were related to measures taken by the US Treasury Department’s Office of Foreign Assets Control (OFAC).
Exports from Turkey to Russia increased sharply by 23.2% last year, mainly from the chemical industry, automotive industry, fruit and electronics sectors. While the problem was accepted by the Turkish Exporters Assembly (TİM), it was stated that the problems increased due to the inspections and inspections of the authorities.
It was previously reported that Russians’ deposits in foreign banks will increase in the autumn of 2023. decreased.
Formerly Central Bank of the Russian Federation raised key rate up to 16%.