Turkish Ministry of Trade untangling problem with money transfers from Russia

The Turkish Ministry of Trade has taken up problems with money transfers from Russia to Türkiye, TASS reports citing a source close to the country's Ministry of Trade.

"The Ministry of Trade has intervened in the situation concerning the refusal of several Turkish banks to carry out payments from Russia. The ministry is gathering data from companies that are experiencing such problems," the source told reporters.

Istanbul Chamber of Commerce told the agency that the complications with transfers arose through private banks, and the situation is likely to be resolved by the end of January. Mustafa Gultepe, the leader of the Union of Turkish Contractors, also made a similar assumption.

At the same time, sources in business circles told TASS that some companies may be on the verge of closure if the problem with the transfer of funds is not resolved soon, as Russia is the largest client for many companies.

Russian companies have been experiencing difficulties with transferring funds to Türkiye for a long time. Since January 1, 2024, the situation has worsened significantly: almost all Turkish credit institutions have refused to process transactions for fear of falling under US sanctions. Some banks even returned previously accepted transfers with the comment that the transactions involved "prohibited goods".