Turkey-Russia bank relations did not succumb to US pressure
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Sputnik cites banking sources in Turkey denying reports that Turkish banks refused to work with Russian partners following pressure from US sanctions.
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National flags of Russia and Turkey erected during a meeting between Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan in Russia, Moscow in October 2023 (AFP)
Media reports claiming that Turkish state banks have refused to cooperate with Russian partners due to pressure from sanctions by the United States are incorrect, Sputnik quoted an anonymous source from a Turkish bank as saying.
The source emphasized that the two countries have numerous joint projects, and financial operations are routinely conducted via banks.
Earlier this week, Turkish newspaper Ekonomim reported that Turkish exporters were encountering difficulties with money transfers from Russia, with remittances nearly halted since January 1.
Read more: Russia moves from SWIFT to more secure mechanisms: Official
Turkish state-owned banks have not received any directives from government authorities to terminate their cooperation with Russian banks.
“No, there can be no talk of any refusal. How do you imagine this? We have dozens of state projects with Russia, financial transactions are carried out through banks," the source said.
The Turkish Trade Ministry has initiated an investigation into the matter. However, the source refuted these claims, asserting that there have been no refusals, and there is no basis for such rumors.
“I don’t know where such rumors came from,” the source said.
Earlier this week, Sputnik cited a source from a Turkish state bank in Ankara that the challenges faced by Turkish exporters in their financial transactions with Russian businesses have persisted since the beginning of the year.
This issue is partially linked to the pressure exerted on Turkey related to Western sanctions. The source expressed then their hopes that a resolution could be reached by this week's end.
Neutral position
Directly following the launch of Russia's war in Ukraine in February of 2022, the United States, the European Union, and several of Washington's international allies imposed sanctions on Moscow, which included cutting ties with Russian banks and financial institutions, suspending Mastercard and Visa card services and halting major business trades.
Since then, Western countries have increased pressure on Turkey to take similar action with its allies.
However, Turkey decided to take a neutral position regarding the war as opposed to its NATO allies, hoping to mediate a peace agreement between Moscow and Kiev.
Ankara also announced that it will preserve its sovereign interests, which dictate having good relations with Russia. This saw the launch of massive joint projects, including Russia's gas hub in Turkey and grain-export routes, which gained more importance after the Black Sea initiative collapsed.
'Don't succumb to US pressure'
The US Treasury Department previously threatened Turkish businessmen and entities last year against cooperating with Russia.
Read more: US warns Turkey that cooperation with Russia could result in sanctions
Last September, Turkish Politician and Head of the economic bureau of Turkey's Vatan Party, Hakan Topkurulu, called on the government not to "succumb" to US sanctions regarding the Russian Mir payment system.
Topkurulu's comments then followed a Sputnik report that the news outlet had received confirmation from Turkish banks Ishbank and Denizbank that following sanction threats, they halted operations with Russia's Mir bank cards. However, VakifBank, Halkbank, and Ziraat Banks assured that Mir cards are still fully functional, and no suspension of services was notified.
"The Atlantic front is trying to isolate Turkey from Russia and its neighbors to drag it into a situation in which it will succumb to sanctions. If Turkey succumbs to pressure today, other sanctions against the country may be on the agenda," Topkurulu stated.
