Turkey targets boosting trade with Russia to USD100 billion


(MENAFN) During a meeting at the Shanghai Cooperation Organization (SCO) summit in Astana, Turkish President Recep Tayyip Erdogan emphasized Ankara's commitment to strengthening economic relations with Moscow, targeting an annual trade turnover of USD100 billion. Erdogan's remarks came during discussions with Russian President Vladimir Putin, underscoring the robust and growing partnership between the two nations.

"Currently, the trade volume stands at USD55 billion," Erdogan noted, expressing confidence in the potential to double this figure. Putin echoed this sentiment, highlighting the steady development of Russian-Turkish relations despite global challenges. He pointed out that major joint projects between Moscow and Ankara are progressing smoothly without any significant obstacles.

In 2023, Erdogan and Putin agreed to foster mutual investment and facilitate market entry for Russian and Turkish businesses. They also decided to adopt the Russian ruble as a settlement currency in bilateral trade, including payments for Russian natural gas supplies.

The trade turnover between Turkey and Russia surged in 2022, surpassing USD62 billion following the imposition of Western sanctions on Moscow. However, the trade volume has experienced a slight decline due to the threat of secondary sanctions from the United States, which aims to curb the flow of products like industrial machinery and spare parts that could potentially aid the Russian military.

US officials have repeatedly flagged Turkey as a potential hub for sanctions evasion, with concerns raised about alleged trade activities between Turkish firms and sanctioned Russian entities. Despite these challenges, Erdogan and Putin remain optimistic about reaching their ambitious trade goals.

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