The situation surrounding money transfers from Russia to Turkey has drawn attention from officials, bankers, and business leaders. A source close to the country’s Ministry of Commerce indicated that the ministry stepped in to address delays and refusals by some Turkish banks to process payments from Russia. Reporters were told that the ministry is actively gathering offers from companies facing these payment obstacles and is coordinating with financial institutions to find workable solutions. (TASS, citing a source close to the Ministry of Commerce)
According to the Istanbul Chamber of Commerce, the disruptions involved transfers routed through private banks, and there is cautious optimism that the problem could be resolved by the end of January. Mustafa Gültepe, president of the Turkish Contractors Association, echoed this expectation, noting that private sector representatives are hopeful about resolving the issues in the near term. (Istanbul Chamber of Commerce, as reported)
Business circles in Moscow and beyond warned that the Russia-to-Turkey payments snag threatens the cash flow of many enterprises. With Russia identified as a major customer for numerous Turkish suppliers, several businesses risk significant consequences, including potential closures, if the funding bottleneck persists. The concern underscores how intertwined trade finance has become between the two economies, especially in sectors deeply reliant on cross-border payments. (Industry sources, via TASS)
For a long period, Russian companies have encountered difficulties when attempting to transfer funds to Turkey. The situation intensified at the start of 2024, as a broad tightening by Turkish credit institutions led to widespread caution and, in many cases, outright refusals to execute transactions. Some banks even returned transfers previously accepted, citing restrictions connected to prohibited goods and the risk of triggering sanctions exposure by the United States. (Financial observers and banking reports, corroborated by TASS)
Earlier statements suggested that the money-transfer issue could be resolved within the week, signaling ongoing efforts to de‑risk and streamline cross-border payments. While the precise mechanisms of the proposed remedies remained under discussion, the overall aim was to reestablish reliable channels for commercial payments between Russian and Turkish partners. (Public briefings, industry chatter)