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Five Major Türkiye Banks to Adopt Russian Payments System

News18.com

Last Updated: August 08, 2022, 09:18 IST

Istanbul

Russian President Vladimir Putin welcomes Turkish President Tayyip Erdogan during a meeting in Sochi, Russia (Image: Reuters)

Russian President Vladimir Putin welcomes Turkish President Tayyip Erdogan during a meeting in Sochi, Russia (Image: Reuters)

Erdogan and Putin met last week and decided to allow Turkish banks to adopt Russia’s Mir payments system. They said it will benefit tourism

Türkiye president Recep Tayyip Erdogan met Russian counterpart Vladimir Putin in Sochi earlier this week. Following his meeting with Putin, the Turkish president Erdogan said five Turkish banks adopted Russia’s Mir payments system.

Both presidents met in the Black Sea resort of Sochi. “There are serious developments regarding the work that banks in Türkiye are doing on Russia’s Mir card,” Erdogan said, according to Turkish state-run news agency Anadolu Agency. The Türkiye president said that it will bring relief for both Russian tourists and Turkey.

Erdogan said that payment in rubles will be a source for financial support for both Turkey and Russia. The central bank governors of both nations also met during the visit.

Erdogan said that partial payment in rubles will be made for natural gas deliveries during his talks with Putin.

Türkiye has voiced its opposition to Russia’s invasion of Ukraine but it did not join the US and Europe to join the sanctions. It also continues to import energy from Russia.

In 2021, Türkiye received a quarter of its crude oil imports and around 45% of its natural gas deliveries from Russia.

Russia also provided Türkiye when it needed foreign-exchange liquidity when it transferred billions of dollars to Rosatom’s Turkey-based subsidiary to complete a nuclear power plant being constructed in the Mediterranean coast.

The Turkish president will visit the Akkuyu nuclear plant. The plant has become the centre of controversy after Russia’s state-run Rosatom removed a top Turkish commentator.

Erdogan said that neither nation will accept a delay on the completion of the plant.

He also said that ministries in Turkey are working to wager an agreement to allow Russian grain exports. There are several hundred ships stuck along ports in the Black Sea. Ukraine shipped grain for the first time since the Russian invasion on August 1 and three more shipments left Ukrainian ports last week.

Three ports – Odessa, Chernomorsk, and Yuzhny – are three Ukrainian ports which were reopened to facilitate the transport of Ukrainian grain. The Joint Coordination Centre is being set up in Istanbul where grains of ships are inspected before they leave for Ukraine.

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first published:August 08, 2022, 09:18 IST
last updated:August 08, 2022, 09:18 IST