Turkish state banks partially resume money transfers from Russia

A source by the banking sector of Türkiye has said that the state-owned banks of the country have partially restored money transfers from Russia.

"Some transfers (from Russia) have started," the source told reporters, without specifying which companies will be able to receive transfers on January 18, Caliber.Az reports citing Russian media.

This information was also confirmed to the agency by a Turkish company that supplies cosmetics and household products.

Russian companies have had difficulties in 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 "restricted goods".