Moscow and Ankara are actively pursuing new payment solutions to address the hurdles Russians face when making transactions in Turkey. In discussing the situation, Russian Consul General in Istanbul Andrei Buravov emphasized that officials and business leaders on both sides are staying in close contact with the goal of designing payment systems that bridge the gaps and keep commerce flowing between the two nations [RIA News].
He described the work as building a framework that remains accessible to both Russian and Turkish companies, as well as individual citizens. The aim is to create a system that does not discriminate by user type and that can operate across borders while respecting the regulatory environments in both countries [RIA News].
Turkish banks have begun to tighten controls, including closing accounts held by Russian legal entities and raising verification requirements for individuals from Russia. These moves have immediate effects on trade finance, remittances, and everyday money transfers, pushing businesses and consumers to seek reliable alternatives that can withstand external pressures and sanctions risks [RIA News].
Following these actions, the Turkish Ministry of Trade released a list of companies experiencing difficulties with money transfers from Russia, highlighting the broader problem and signaling a coordinated response to maintain financial channels where possible. The announcements underscore the caution taken by Turkish financial institutions in order to avoid inadvertent exposure to secondary sanctions and to preserve stability within the payments ecosystem [RIA News].
Officials note that the restrictive steps are driven by concerns that banks and firms could become targets of secondary US sanctions because of their dealings with Russian entities. This creates a delicate balance between enforcing compliance and maintaining the essential flow of cross‑border payments that underpin trade and people’s everyday needs [RIA News].
As discussions continue, Ankara and Moscow are exploring the establishment of a Russian‑Turkish bank intended to resolve transaction bottlenecks once and for all. The proposal envisions transactions conducted in national currencies, with the Turkish lira and the Russian ruble playing central roles in bilateral settlements. This approach would reduce reliance on third-country corridors and could enhance resilience against external pressures while promoting monetary autonomy for both economies [RIA News].
Earlier remarks from the Kremlin indicated that talks with Türkiye would assess potential settlement issues stemming from sanctions, aiming to map out concrete measures that protect legitimate commerce. The overarching objective is to preserve the continuity of trade and finance between the two neighbors, even in a landscape shaped by international restrictions, by seeking practical, mutually acceptable solutions rather than taking steps that might destabilize interaction between the two markets [RIA News].