Turkish exporters face a major hurdle in cross-border transactions between Türkiye AndRussiaTurkish banks are reportedly rejecting financial transfers coming from Russia to settle payments for some imported goods, according to the Turkish newspaper Economim. This problem, which has escalated since December, creates a critical situation for companies, affecting the flow of funds between the two countries.
The problem arose after many Turkish exporters found themselves unable to access payments from Russia, whether denominated in Turkish lira or Russian rubles, as some private banks either return these transfers directly or reject them at the initial stage, citing suspicions that they are payments. For sanctioned products.
This problem has led to a virtual halt in cross-border financial transfers since the beginning of the year, which has greatly affected trade exchanges between the two countries.
The volume of bilateral trade between Türkiye and Russia has been on the rise since the outbreak of the conflict in Ukraine and the penalties imposed European Union AndUnited State, according to Anadolu Agency. In 2023, Turkish exports to Russia increased by 23.2%, reaching $9.4 billion, according to the same newspaper.
Sectors such as chemicals, machinery, automotive goods, fresh produce and electronics witnessed significant growth. However, representatives of these sectors are now facing the challenges of non-receipt or outright rejection of funds transferred for export shipments. Similar problems have also been reported in the maritime shipping sector.
Economim points out that problems related to money transfers could be related to the expansion of Western sanctions and risk mitigation concerns among Turkish banks and intermediaries, with the aim of avoiding secondary sanctions.
In addition, the Russian TASS agency said that Russian citizens are facing increasing difficulties in registering companies in Turkey and opening accounts in local banks there.
Last September, the Turkish President stated Recep Tayyip Erdogan In Russia during his meeting with his Russian counterpart Vladimir Putin The volume of trade exchange between the two countries amounts to 62 billion dollars, and there is an effort to raise it to the level of 100 billion dollars.