Turkey confirms absence of decisions on national currency trade with Russia

The agreements reached in principle on trade between Turkey and Russia in national currencies have not yet been implemented, the process is not underway. The presence of the same problems in the commentary RIA News Turkish economic commentator Taylan Boyukshahin confirmed.

According to the analyst, clear decisions are needed on the ruble and lira. For example, answers to questions about whether these currencies will be used in such areas of intensive trade as energy, agricultural products, textiles, clothing and mechanical engineering.

It would also be interesting to know, Beyukshahin emphasized, what the status of the relevant swap payments will be, what is needed for trading national currencies, and what the goals are related to this. So far, the governments of the two countries have not commented on these issues.

If the questions are answered, the situation will become clearer for those wishing to trade. For now, some traders are hesitant to import or export even goods that are not subject to sanctions due to payment problems.

Earlier, Boyukshahin proposed switching to gold in trade with Russia, but for this, the central banks of both countries must fix the value of the ruble and the Turkish lira in gold.

Russian and Turkish Presidents Vladimir Putin and Recep Tayyip Erdogan discussed payment issues between the countries at a meeting in Astana. No specific agreements were reported as a result of the talks.

Problems with payments between Russia and Turkey arose at the beginning of the year after the US Treasury Department received the right to impose sanctions on financial institutions from third countries for providing services to persons under anti-Russian sanctions, as well as for assisting in the supply of goods for the defense sector. In such circumstances, Turkish banks try to play it safe, so as not to accidentally violate the requirements, and prefer not to work with Russia.