Russia seeks financial aid from Turkey to sidestep Western sanctions on Moscow. This comes from a joint statement issued Friday after a meeting between Russian president Vladimir Putin and Turkish president Recep Tayyip Erdogan.
The talks occurred in Istanbul following a long route from the Black Sea region to the south. These two leaders have held numerous one-on-one meetings over the years, though not all have run lengthy sessions.
The final document stated that both presidents agreed to increase the budget and expand the trading volume between the two countries on a balanced basis. They spoke of cooperation across economy and energy, and also in transport, agriculture, infrastructure, industry, finance, and tourism. This reflects a broader intent to deepen bilateral ties amid ongoing global pressures. This summary is reported by Reuters.
Turkey has opposed Western sanctions on Moscow since their start, aiming to avoid harming its own fragile economy, which faces high inflation. During the Ukraine crisis, Ankara sought to balance Kyiv, the West, and Moscow. This stance helped Erdogan mediate to secure the Ukrainian wheat and grain export deal, signed in Istanbul two weeks prior. Reuters notes the two leaders reaffirmed support for the agreement and the safe passage of grain and food exports via Ukrainian ports, highlighting the constructive role that Turkey has played in maintaining communication between the two sides.
Payments in rubles
In the discussions, Putin and Erdogan also addressed settling part of their gas payments in rubles. This is part of Moscow’s response to European sanctions on its energy sector. The plan, described by officials, envisions a gradual shift to the Russian currency for portions of the gas shipments from Russia, with Turkey taking an initial step toward paying in rubles. This move could pave the way for broader financial and banking arrangements between the two nations, according to Alexander Novak and other sources.
A leak attributed to The Washington Post suggested Putin sought deals with Ankara to mitigate Western pressure on the Russian economy. Such reports carry potential risk for Turkish interests, since Turkish companies and Russian entities tied to sanctioned activity could face repercussions in Europe and the United States.
New military operation in Syria
The leaders also touched on the situation in northern Syria, where Turkey has floated a new military operation against the Kurdish YPG militia. The YPG is linked to the PKK, which Ankara, the EU, and the United States classify as a terrorist organization. The group has been a key ally of the United States in the fight against Islamic State activity in Syria, a partnership that complicates any major Turkish move against them.
The United States and Russia maintain a military presence in areas connected to these militias, and both have expressed reservations about potential Turkish actions. The post-meeting communiqué stated a shared commitment to cooperate against terrorist organizations in Syria, echoing positions voiced during the Tehran talks. Since those earlier discussions, a Turkish operation has not begun and appears unlikely in the near term, according to sources familiar with the talks.