The Turkish Ministry of Trade is actively investigating challenges faced by companies in making bank transfers from Russia, with reports of complaints being collected. A source close to the ministry informed TASS that the ministry has intervened to address the refusal of several Turkish banks to process payments from Russia and is gathering suggestions from affected companies. Authorities in Turkey anticipate a swift resolution to the situation.
A representative from the Istanbul Chamber of Commerce suggested that the difficulties primarily stem from private banks, expressing optimism that the situation will improve by the end of January. Mustafa Gultepe, the head of the Union of Turkish Contractors, echoed this sentiment, stating that issues with payments from Russia, observed over the past 15–20 days, are expected to be resolved by the beginning of February.
Business circles in Istanbul, particularly those in the chemical, automotive, footwear, and transportation industries, reported problems with transfers. Complaints also surfaced from the Laleli district, a historical hub for shuttle trade, labeling the situation as a crisis. A spokesperson for the business circles in Laleli emphasized that if non-payment issues persist, numerous companies could face closure.
On January 17, Russian Ambassador in Ankara, Alexei Erkhov, confirmed ongoing intensive contacts between the embassy, trade mission, and Turkish authorities regarding the refusal of some Turkish banks to process payments to Russian businesses. Some banks attribute their decisions to Western sanctions tightened in December of the previous year. The Russian diplomat expressed hope for a mutually satisfactory solution for Turkish exporters and their Russian partners.
Non-payment Challenges
The Ekonomim newspaper reported on January 15 that Turkish exporters are grappling with banks refusing money transfers from Russia for goods deliveries. The issue escalated in December, with exporters facing difficulties receiving payments in Turkish lira and rubles from Russia. Some private banks either returned such transfers or rejected them at the initial transaction stage, citing sanctions concerns. The problem intensified after January 1, with almost no money transfers being processed.
Sources in the Turkish banking sector suggested that the payment issues might be linked to regulatory measures from the Office of Foreign Assets Control of the US Department of the Treasury (OFAC). Local banks are awaiting clarification of OFAC rules, which are currently broadly worded.
GSV "Russia - Islamic World"
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Based on materials from TASS