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Turkey is celebrating its trade surge with Russia

Sanctions against Russia over its invasion of Ukraine have forced Moscow to direct its oil to new buyers and have led to the exit of many multinational companies from the country.

One country, however, is openly celebrating the jump in its bilateral trade with Russia – and it is none other than Turkey, the Bloomberg agency points out.

The country’s Transport Minister Adil Karaismailoglu took to Twitter to celebrate a 58% increase in vehicle trade with Russia in the first four months of 2022 as an indication of Turkey’s economic dynamism.

It is just one example of a broader increase in Turkish exports to Russia, which have hit an eight-year high of $2.91 billion in the first half of the year, according to Turkey’s state statistics agency TurkStat.

This is good news for Turkish President Tayyip Erdogan as he seeks to boost Turkish exports under his country’s so-called “new economic model”. But it certainly worries Turkey’s NATO allies in the US and Europe, who are trying to create a united front to isolate Moscow and hurt the Russian economy in order to punish Putin’s bellicose aggression.

Turkey has not imposed sanctions on Russia, trying to balance its relationship with both sides in the war. He has supplied Ukraine with armed drones while encouraging Russian investment and the all-important foreign exchange they bring into the country.

Turkey recently hosted talks in Istanbul that led to two agreements, one UN-Ukraine-Turkey and one UN-Russia-Turkey, which allowed Ukrainian grain to start being exported by sea.

Source: Capital

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