President Recep Tayyip Erdogan has confirmed that Russian gas supplies to Turkey will be paid in rubles, Turkish media reported today, as quoted by Agence France-Presse.
“A positive aspect of our visit to Sochi is that we agreed with Mr. Putin on the ruble. God willing, our ruble trade will bring benefits to both Turkey and Russia,” Erdogan told reporters on the plane on his return last night from the meeting with Russian President Putin that took place yesterday in Sochi.
The two presidents have agreed that Russian gas supplies to Turkey will be “partially paid for in rubles,” Russian Deputy Prime Minister Alexander Novak announced last night.
Erdogan did not specify the volume of future transactions in rubles.
Russia has been trying for months to force its currency into international payments amid unprecedented Western economic sanctions against Moscow over its invasion of Ukraine, notes AFP.
Although it was quick to condemn the Russian offensive, Turkey opted for neutrality and did not join Western sanctions against Moscow.
In 2021, Russia covered about a quarter of Turkey’s oil imports and 45% of natural gas purchases.
Paying for Russian gas, even partially, in rubles could allow Turkey not to further deplete its foreign exchange reserves in dollars.
Erdogan also said that five Turkish banks are working to expand the use of the Russian Mir payment system in Turkey, adding that this will facilitate Russian tourists in the country, Turkish news site TRT added.
During our meeting, we exchanged ideas on the further development of our economic cooperation. We previously set a target of $100 billion in trade. In this direction, we want to develop our cooperation in areas such as energy, trade, tourism and agriculture, Erdogan also said, quoted by Anadolu Agency.
He indicated that he had invited the Russian leader to hold a meeting with Ukrainian President Volodymyr Zelensky in Turkey.
I once again reminded Putin that we can host his meeting with Zelensky. We will continue to improve our dialogue with our Black Sea neighbor Russia in all areas to contribute to regional and global peace, the Turkish president stressed
Erdogan also indicated that they discussed with Putin the steps to be taken against the terrorist organizations in Syria and committed to take the necessary measures to preserve the territorial integrity of Syria, informed the Anadolu Agency.
Since 2016, Turkey has conducted several operations in northern Syria to clear the area along the Turkish border of Islamic State terrorists and fighters from the Syrian Kurdish People’s Protection Units (YPG), which Ankara says are linked to the PKK. , including “Euphrates Shield” (2016), “Olive Branch” (2018) and “Fountain of Peace” (2019). The Kurdistan Workers’ Party, which has been waging an armed struggle against the Turkish state since 1984, is considered a terrorist organization by Ankara, the EU and the US.
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