Turkish President Recep Tayyip Erdogan has confirmed that Russian gas deliveries to Turkey will be paid for in rubles, Turkish media reported today.
“One positive aspect of our visit to Sochi is our agreement with Putin on the ruble. (…), our transactions in rubles will ensure benefits for Turkey and Russia,” the Turkish head of state told reporters on his return flight from Sochi to southern Russia, where met Russian President Vladimir Putin yesterday Friday.
The two presidents agreed that Russian gas deliveries to Turkey “will be partially paid for in rubles,” Russian Deputy Prime Minister Alexander Novak announced Friday night.
Erdogan did not specify the volume of futures trading in rubles.
Russia has sought for months to force its currency into international settlements against the euro and dollar amid unprecedented Western economic sanctions against Moscow over its invasion of Ukraine.
While quick to condemn the Russian attack, Turkey chose to remain neutral and not join Western sanctions against Moscow.
In 2021, Russia accounted for about a quarter of Turkey’s oil imports and 45% of its natural gas purchases.
Paying for Russian gas, even partially, in rubles could allow Turkey not to further deplete its dollar-denominated foreign exchange reserves.
Source: News Beast
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