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11 Sep, 2023 05:34

Moscow boosts ruble settlements with NATO country   

Russia and Türkiye are aiming to increase annual trade turnover to $100 billion 
Moscow boosts ruble settlements with NATO country    

Ruble trade settlements between Türkiye and Russia jumped by 230% in the first seven months of the year compared to the same period in 2022, the Aydinlik news outlet reported, citing official statistics.     

Export and import transactions between the two countries amounted to the equivalent of $700 million between January and July 2023. Total export settlements in rubles equated to $428 million, while import payments in the Russian currency reached $267 million, figures showed.

The number of export contracts surged by 181%, while import deals soared by as much as 352% year-on-year.  

The heads of the countries’ respective central banks agreed to boost trade in national currencies during a meeting on the sidelines of talks between Russian President Vladimir Putin and his Turkish counterpart, Recep Tayyip Erdogan, in Sochi last week.      

Earlier this year, Putin and Erdogan agreed to encourage mutual investment and help Russian and Turkish businesses enter each other’s markets as part of a roadmap signed in 2022.     

The plan for economic cooperation envisages bringing annual trade turnover to $100 billion from last year’s $61 billion. The two countries have also agreed to introduce the ruble as a settlement currency in bilateral trade, including payment for Russian natural gas supplies.     

Moscow and Ankara are currently working on several initiatives related to natural gas exports, and plan to continue to build relations in the energy sector.

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