Due to the threat of US sanctions, exports from Turkey to Russia fell by almost 30% - rosmedia
Kyiv • UNN
Exports of goods from Turkey to Russia fell by 28.3% in the first half of 2024 due to the threat of US sanctions. Turkish banks are closing accounts of Russian companies and reducing imports of Russian energy.
Due to the threat of US sanctions for cooperation with Russia, Russia has lost almost 30% of Turkish exports. This is reported by the Russian media, UNN reports.
Details
Thus, in the first half of 2024 , the export of goods from Turkey to Russia fell by 28.3% year-on-year to $4.16 billion. In particular, in June, the figure decreased by almost 30% compared to the same month last year: $670 million versus $956 million, respectively.
Turkish banks start closing accounts of Russian companiesFeb 1 2024, 10:29 AM • 113869 views
In addition, due to the fear of Turkish banks to be sanctioned by the United States, Turkey has reduced imports of goods from Russia. The decline was 10.3% year-on-year, to $22.04 billion.
At the same time, Turkey's imports from Russia even increased in June, by 1.2% compared to June last year, to $2.95 billion. The main share of Russian imports is energy, but even they have been affected by payment problems.
In particular, Turkey sharply reduced gas imports from Russia. In April, Turkish importers purchased only 413 million cubic meters of pipeline gas from Gazprom, 3.6 times less than in the same month a year ago (1.523 billion cubic meters). Turkish companies have refused to buy Russian LNG at all: in April, the country's ports did not accept a single tanker with raw materials from Russia.
AddendumAddendum
Problems with bank payments between Russia and Turkey arose at the end of 2023.
Then, US President Joe Biden signed a decree allowing the US Treasury Department to impose secondary sanctions on third-country credit institutions for cooperating with Russian sanctioned companies and assisting the Russian military-industrial complex.
In June of this year, the United States included all companies and individuals previously sanctioned in the definition of the Russian military-industrial complex.
Recall
One of Turkey's largest banks, DenizBank, has virtually stopped approving applications for opening accounts for Russian citizens, making exceptions only for clients with large deposits of $100,000 thousand or more.
