Exports from Turkey to Russia fell 33% year-on-year in February to $670 million, down from $1.1 billion last year.
The threat of US sanctions against companies continuing to do business with Russia has forced Turkey to reconsider its trade with the Russian Federation. Turkish exports to the Russian market decreased in February up 33% year on year to $670 million compared to $1.1 billion last year.
The corresponding figures are given by Reuters.
Turkey supports the territorial integrity of Ukraine, but has not joined Western sanctions imposed against the Russian Federation for its full-scale invasion of Ukrainian territory and is trying to maintain close ties with both Kiev and Moscow.
However, the December warning from the United States to companies continuing to do business with the Russian Federation appears to be forcing Turkey to take a more cautious approach to trade with Moscow. The threat of sanctions has complicated some Turkish payments for Russian oil, as well as Russian payments for a wider range of goods that flow from Turkey to the Russian Federation.
Washington’s pressure, in particular, is aimed at cutting off the transit of dual-use goods to Russia that could be used by the Kremlin in the war against Ukraine. Turkish banks and companies have been warned that they risk being subject to secondary sanctions.
Let us recall that at the end of last year, American leader Joe Biden signed decree on secondary sanctions against banks helping the Russian military-industrial complex. Not only financial institutions in Turkey, but also China and the United Arab Emirates were targeted.
Before this, Great Britain announced on adding new companies supplying military equipment and technology to the Russian Federation to the sanctions list. Among them were, in particular, organizations from Turkey.
Author: Artem Malinovsky
2024-03-02 17:41:06
#threat #sanctions #cooled #Turkeys #trade #Russia #telling #figures #emerged
