After Turkish financial institutions refused to interact with the ruble, the Turkish company Bosphrous Gaz became a bank exporting to Russia. This was reported in a statement by Bosphorus Gaz and confirmed by the news agency’s data. Bloomberg.
Bosphrous Gaz proposed a ruble swap model to solve the problems arising in the agreements between companies in Türkiye and Russia.
The company said, “The aim of this planned model is to complete payments in rubles, which will be accepted in activities such as exports to Russia, quickly and efficiently.”
The exchange plan looks like this: Exporters transfer money to the Bosphorus Gaz account, then the company converts rubles into euros and returns them to Turkish companies that act as banks. At the same time, Bosphorus Gaz will pay for Russian gas in rubles. The remaining payments are expected to be made through Emlak Katılım Bankası.
Bloomberg claims that the currency swap idea was proposed in October and the model is currently in the testing phase.
Russian Foreign Minister Sergei Lavrov in early November statedIt was stated that the possibility of cooperation between Türkiye and Russia will depend on whether mutually acceptable solutions to trade problems will be found in the near future. According to him, the United States is trying to limit the opportunities of foreign partners who want to trade with Moscow, and Turkey is no exception.
Previously Russian Embassy reported About the difficult situation with transfers to Turkey.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.