Turkish banks desperate for quick solution of problems in Russian transfers

Turkish private banks do not believe that the situation with the suspension of money transfers from the Russian Federation will be resolved in the near future.

“The current situation is such that the industry does not trust a quick solution to the problem with transfers from Russia. This is our situation as of now,” a source from the Turkish commercial banking sector told journalists, TASS reports.

According to the source, fund transfers from the Russian Federation through Turkish private banks have been stopped.

Russian companies have been experiencing difficulties in transferring funds to Türkiye for a long time. From January 1, 2024 the situation has changed significantly got worse: Almost all Turkish credit institutions refused to transact for fear of exposure to US sanctions. Some banks even returned previously accepted transfers with the comment that the transactions related to “prohibited goods.”

On January 18, the Turkish Ministry of Commerce and the Istanbul Chamber of Commerce suggested that the problem could be resolved in early February.

Formerly economist Evgeny Goldfain said About the consequences of banks in China and Turkey refusing to work with Russia.