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24 Sep, 2022 12:59

Turkey mulls barter trade with Russia – media

The mechanism would reportedly involve the exchange of Russian fuel for Turkish goods
Turkey mulls barter trade with Russia – media

Turkey is considering establishing barter trade with Russia amid sanctions pressure, the newspaper Aydinlik reported on Saturday, citing the Turkey Exporters Assembly (TIM).

According to the report, the measure could be implemented if Turkish banks face sanctions for using Russia’s Mir payment system. Earlier this month, Washington announced that foreign banks using the Russian payment system could be viewed as supporting Moscow’s efforts to circumvent sanctions, and could face secondary restrictions themselves. While the US has not imposed sanctions on the Mir system itself, nor its operator, NSPK, the company’s head, Vladimir Komlev, was recently put on the sanctions list.

The news outlet noted that according to the TIM, Turkey will continue trade and cooperation with Russia, even faced with secondary US sanctions. The arrangement would reportedly involve the barter exchange of Turkish goods for Russian energy.

Turkish President Recep Tayyip Erdogan earlier this week said he may decide whether the country will continue to allow the use of Mir cards, and will discuss alternatives with his government on Friday. However, there are so far no reports or official announcements on whether any decisions have been reached.

Five Turkish banks adopted the MIR payment system in early August. This allowed Russian tourists to use their cards to pay for purchases in Turkey. Due to sanctions, Visa and Mastercard cards issued in Russia no longer work abroad. Earlier this week, however, two private Turkish banks, Isbank and Denizbank, stopped servicing Mir cards to avoid US penalties.

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