Washington is exerting major pressure on Turkish-Russian financial transactions

Département de recherche, d’études stratégiques et de relations internationales 09-09-2024

“All sources of transfers from and to Russia are being checked, and bank accounts [for Russian citizens] are being opened under increased control of head offices,” an informed financial market source stated regarding Turkiye’s bank issues with Russia.

The US is increasing pressure on Turkiye for its banking operations with Russia, issuing regular warnings about the need to impose strict control over outcoming payment sources, an informed Turkish financial market source told Sputnik.

Russian Ambassador to Ankara, Alexey Erkhov, told Sputnik that issues in mutual settlements between Russia and Turkiye are prevalent, with transfers being blocked, accounts being closed, and frequent occurrences of companies involved in the transit of goods to Moscow being forced out of Turkish banks.

“Our banks, both state and private, are currently under increased pressure from the United States in light of the recent sanctions package against Russia. All sources of transfers from and to Russia are being checked, and bank accounts [for Russian citizens] are being opened under increased control of head offices,” the source said concerning Erkhov’s recent statement.

“It is clear that an official decision is needed here. It has not yet been received by the banks,” he added, highlighting the normalization situation between the two countries remains unknown.

Ankara is in talks with Moscow about resolving issues with bank transfers. This matter was brought up during a meeting between Turkish Foreign Minister Hakan Fidan and Russian President Vladimir Putin on June 11, according to a diplomatic source in the Turkish capital, as reported by Sputnik.

Russian Ambassador to Turkey Alexey Yerkhov told Sputnik that the situation around payment transfers from Russia to Turkey remains tense, and the West is deliberately destroying Russian-Turkish trade and economic cooperation.

There have been no fundamental changes in resolving the problem with bank transfers from Russia to Turkey, and the timeline for resolving the situation remains uncertain, a spokesperson for Ziraat State Bank in Ankara told Sputnik.

“Mr. Minister [Hakan Fidan] met with representatives of Turkish businesses during his visit to Russia. During the negotiations, the issue of a problem with bank payments was raised; the situation was also discussed during the minister’s talks with Russian President Vladimir Putin.”

“Options for solutions are now being discussed,” the source said. VTB CEO Andrei Kostin suggested that creating a mechanism based on national and digital currencies could solve the banking difficulties between Russia and Turkey.