Turkish minister: Use of ruble, lira in Russia-Türkiye trade increases

The use of the Turkish lira and the ruble in trade between Russia and Türkiye has significantly increased over the past few years, Turkish Trade Minister Omer Bolat said on November 25.

"The use of the Turkish lira and the ruble in the bilateral trade has been increasing. Türkiye's exports to Russia in the Turkish lira have grown by 400% and Türkiye's imports from Russia in the lira have increased by almost 150%, whereas the imports in the ruble have gone up by 260%. This year, the energy trade has somewhat decreased as prices for energy products and commodities have gone down in the world," the minister said at a meeting of the Russia-Türkiye Intergovernmental Commission on Trade and Economic Cooperation, Sputnik reports.

Trade between Russia and Türkiye reached a record $68 billion in 2022, the minister also said, adding that it could reach some $56 billion in 2023.

During the commission's session, Bolat and Turkish Vice President Cevdet Yilmaz met with Russian Deputy Prime Minister Alexander Novak to discuss prospects of the bilateral economic ties.