Turkish public banks have begun to resume certain money transfers from Russia, according to reports gathered by RIA News from a source within the republic’s banking sector. The developments mark a cautious reopening of cross-border payments that had been heavily constrained by sanctions and risk aversion in recent months.
Officials indicated that transfers were being initiated from Russia, though they did not disclose which Turkish customers or companies might be the first recipients. The lack of specifics reflects a prudent approach as banks navigate regulatory scrutiny and the evolving sanction landscape.
One of the Turkish firms involved in cosmetics and household goods confirmed the information to the agency, underscoring that the banking system is gradually adjusting to facilitate legitimate trade flows once again.
For Russian enterprises, moving funds to Turkey has long been fraught with obstacles. Since the start of 2024, the situation has deteriorated as many Turkish lenders limited or halted transfers to mitigate exposure to U.S. sanctions. Some banks even returned inbound transfers with explanations that the payments related to prohibited goods, highlighting the risk-averse posture prevailing in the Turkish banking sector.
On January 18, officials from the Turkish Ministry of Trade and the Istanbul Chamber of Commerce weighed in, suggesting that the bottleneck could ease by early February. Yet private banks remained cautious, signaling that any normalization would occur in measured steps rather than a rapid, broad reopening.
Earlier statements indicated that Turkish exporters were awaiting decisive actions to maintain trade with Russia. The pause in transfers had ripple effects on supply chains, pricing, and bilateral business planning, prompting calls for clearer guidance from regulators and financial institutions alike.
Analysts note that the partial restart of transfers may reflect a broader strategy to balance compliance with sanctions while preserving critical economic ties. Banks appear to be prioritizing transparent beneficiary information, robust due diligence, and the alignment of payments with sanctioned goods lists. This approach aims to reduce the risk of inadvertent violations while keeping channels open for legitimate commerce.
Trade partners in Russia and Turkey are watching closely as institutions calibrate their risk appetite. The evolving policy environment could influence payment corridors, currency settlement arrangements, and the speed at which new transaction types are approved. Businesses are advised to maintain meticulous documentation and consult with financial advisers to navigate ongoing regulatory updates.
The situation remains fluid, with observers stressing that any lasting normalization will likely come in incremental steps. Stakeholders emphasize the importance of clear regulatory signals and cooperative dialogue among banks, exporters, and government agencies to sustain cross-border trade in a compliant and efficient manner.