Trade settlements between Turkey and Russia are being affected by the recent pressures of Western countries regarding the possible collaboration of these countries toward the Russian war effort. According to Ria Novosti, a Russian online newspaper, Turkish sources have revealed that banks are under increased scrutiny regarding bank transactions and accounts belonging to Russian nationals after a new sanctions package was enacted.

The anonymous source stated:

Our banks, both state and private, are currently under increased pressure from the United States in light of the recent package of sanctions against Russia. All sources of transfers from and to Russia are being checked, and bank accounts are being opened under increased control of head offices.

Turkey is one of Russia’s top commercial partners alongside China and India. Turnover is expected to reach $55 billion this year, according to estimations disclosed by Turkish President Recep Tayyip Erdoğan.

Nonetheless, this relationship is being disrupted by issues that have no resolution date. The reported source stated that an official decision would be needed to improve the situation, but it is still under consideration.

The intention is to destroy the Russian-Turkish trade and economic cooperation, according to Russian Ambassador to Ankara Alexey Erkhov, who referred to the subject previously. Erkhov stressed that there already were cases of transfers blocked and accounts closed as a result of these pressures.

Russia’s settlement problems are not exclusive to Turkey. Settlements with China are also being affected by these measures, as payments for importing dual-use products, that can be leveraged for civil and military purposes, are not being processed by banks to avoid sanctions.

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