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Türkiye reports issues with financial transfers from Russia

Türkiye reports issues with financial transfers from Russia Photo: Türkiye records issues with financial transfers from Russia (Getty Images)

The problem with financial transfers from Russia, which began in Türkiye in December, continues to worsen. Disruptions in the export of goods are also being reported, writes Ekonomim.

"Issues with financial transfers from Russia, which began in December, keep getting worse in January. Payments from many companies are either being returned or rejected by banks. Companies are anxiously anticipating problems, causing serious disruptions in exports," says the article.

Growing external trade between Türkiye and Russia has started encountering obstacles in financial transfers.

"After the visit of U.S. Secretary of State Blinken, exporters couldn't receive payments in Turkish lira and rubles from Russia. Transfers were sent back directly from some banks, and some banks began rejecting previously accepted transactions," the publication states.

The sources of the publication specify that financial transfers have almost come to a halt since January 1, and this situation has started disrupting exports.

Possible causes

Recent issues with financial transfers may be linked to the expansion of the latest EU sanctions list.

The Ministry of Trade of Türkiye has already begun investigating this matter and is gathering information from companies.

Sanctions against Russia

On Monday, December 18, the European Union implemented a new, 12th package of sanctions against the aggressor country, Russia.

Within a few days, U.S. President Joe Biden signed an executive order to strengthen sanctions on financial institutions aiding Russia.

Today, it became known that state banks in China have begun tightening restrictions on financing Russian clients after the U.S. approved secondary sanctions against foreign banks assisting Moscow in military actions against Ukraine.