Western pressure on Turkish financial institutions in the settlement with Russia has negatively impacted both exporters and shipping companies, according to Ekonomim newspaper.
The ongoing issues with Turkish exporters receiving payment from the Russian Federation for delivered goods, which began in early January, have not been fully resolved. The Ministry of Trade has received numerous complaints from companies regarding banks' refusals to make transfers from Russian financial institutions. While authorities have partially started to carry out transactions through one of the state banks, this is not applicable to all export items.
Companies are calling for the authorities to add Russia to the list of exceptions for foreign trade transactions. Currently, there are 33 countries on this list, including Iran, which is also under foreign sanctions. The newspaper reports that Turkish authorities are working on this issue, but it has not been resolved yet, and "the Western blockade against the Turkish banking system is very tough."
Financial operation problems have also negatively impacted the maritime logistics sector. Representatives of the shipping sector explained to the newspaper that, due to reduced transportation to Russia by Western companies implementing sanctions against Russia, Turkish shipowners decided to fill this logistical gap and purchase additional vessels for trade with Russia. However, due to payment problems and related factors, vessels are idle in ports. There is an imbalance of supply and demand in the Russian direction, cargo flows have fallen. The sector also notes that it has become difficult to compete with companies that continue to deliver cargoes, disregarding sanctions, and do not officially insure vessels, as well as choose other methods of payment.
GSV "Russia - Islamic World"
Photo: Moscow-Live/Creative Commons 2.0
Based on materials from TASS