Recent statements from RIA News’ economic analyst Mustafa Recep Erçin highlight a strategic imperative for Russia and Turkey: establish an independent bilateral payments framework to facilitate cross-border commerce. The focus is on creating a functional system that supports both tourists and businesses in seamless financial exchanges, reducing reliance on third-country networks amid ongoing sanctions. Erçin notes that a dedicated Turkish-Russian payment mechanism could enable Russian visitors to spend cash in Turkey or leverage local card processing through the Turkish TROY system, reinforcing bilateral tourism and trade ties.
According to the analyst, the current Western-led restrictions underscore the necessity for a direct financial channel between the two nations. The proposed system would serve as a reliable conduit for everyday transactions, from shopping to services, reflecting a broader shift toward economic sovereignty in the face of external pressure.
During discussions with business leaders, Erçin addressed complaints from various quarters about the growing difficulty of maintaining business operations with Russia under sanctions. He emphasized that this friction is fueling a demand for alternative solutions that preserve market access and reduce exposure to sanctions risk, a topic now central to the bilateral agenda.
Turkish exporters have already encountered friction in recent months as banks reportedly hesitated to process funds from Russia since the start of the year. Reports suggest that this hesitancy is influenced by a combination of domestic risk assessments and external diplomatic pressure related to sanctions policy. The situation has prompted both governments to explore practical workarounds that keep trade lines open while staying within regulatory boundaries.
In Moscow, there is ongoing dialogue with Turkish authorities aimed at stabilizing financial flows and restoring smoother payment channels. Ankara has signaled that the issue is manageable and not a catastrophe, indicating a willingness to pursue pragmatic, cooperative solutions that protect bilateral commerce without provoking larger economic or political confrontations.
Earlier in Turkey, observers described the existing transfer bottlenecks with Russia as a serious problem, underscoring the urgency of concrete steps toward a mutually beneficial payment arrangement. These observations have added impetus to the conversation about a dedicated cross-border system that could shield routine transactions from the volatility of broader sanction regimes, benefiting both Turkish merchants and Russian clients.
In parallel, discussions about account opening requirements for Russians have become a focal point for policymakers and financial institutions. The aim is to streamline onboarding while maintaining compliance with international standards, thereby restoring confidence among banks on both sides and facilitating smoother cross-border activity for citizens and businesses alike.