Following a reluctance by Turkish banks to engage with ruble transactions, Bosphorus Gaz, a Turkish energy trader, has stepped into a role that mirrors a banking intermediary for exports to Russia. The move was outlined in a formal company statement and has since been corroborated by independent market data, signaling a practical shift in how cross-border payments could be handled in this corridor.
Bosphorus Gaz laid out a ruble swap framework designed to address disruptions in agreements between Turkish and Russian firms. The plan envisions settling a portion of trade in rubles rather than other currencies, supported by a dedicated liquidity channel to help keep settlements swift and reliable across the border.
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 would transfer funds to the Bosphorus Gaz account, the company would convert rubles into euros and remit euros to Turkish counterparties that act as banks. At the same time, Bosphorus Gaz would pay for Russian gas in rubles, while the remaining payments would flow through Emlak Katılım Bankası, a Turkish participation bank.
Market sources say the currency swap idea was proposed in October and is currently in the testing phase, with observers tracking liquidity, settlement timelines, and regulatory considerations as the model evolves.
Russian Foreign Minister Sergei Lavrov stated in early November that Türkiye-Russia cooperation will depend on finding mutually acceptable solutions to trade problems in the near term. He noted that the United States seeks to limit the options of foreign partners who want to engage with Moscow, and Türkiye is not immune to this pressure.
Earlier statements from the Russian Embassy highlighted difficulties with transfers to Türkiye, reflecting ongoing tensions over payment methods and the broader financial landscape in bilateral trade.