Bloomberg learned about the possible refusal of Turkey from the dollar when paying for gas

Putin and Erdogan planned to discuss a possible transition to settlements in lira or rubles for Russian energy supplies, the sources said. Ankara, with the help of payment in lira, could slow down the decline in foreign exchange reserves alt=”Bloomberg learned about Turkey's possible refusal of the dollar when paying for gas” />

Turkey may refuse from the US dollar when paying with Russia for energy supplies, this issue was planned to be discussed by Presidents Vladimir Putin and Recep Tayyip Erdogan at a July 19 meeting in Tehran, unnamed Turkish officials told Bloomberg.

Payments for deliveries can go into lira, which will help the Turkish government slow down the decline in foreign exchange reserves, while Russia will be able to use the Turkish currency when purchasing goods and services from Turkish suppliers, the agency's interlocutors noted. Rubles are also considered as a currency for the payment mechanism.

After the meeting between Putin and Erdogan in the Iranian capital, the parties did not make statements regarding the rejection of settlements from the dollar, they reported on the discussion of the export of grain from Ukraine and ways to resolve the situation in Syria.

A week earlier, on July 12, the Central Banks of Russia and Iran agreed to abandon the dollar in settlements between the countries and convert them into national currencies.

By July 1, 2022, Turkey's gross foreign exchange reserves decreased to just under $59 billion, up from nearly $97 billion in 2017, Bloomberg points out. The agency noted that this amount included loans to Turkey under swap agreements, “masking a real reduction in reserves.”

The positive balance between Russia and Turkey last year was about $20 billion, writes Bloomberg. Turkish exports to Russia amounted to $6.5 billion, Russian exports to Turkey— $29 billion Turkish ambassador to Russia Mehmet Samar said trade could rise to $50 billion this year “if energy prices drop a little.”

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According to the Anadolu agency, at the end of January, Turkey imported 44 million cubic meters. mg per day via the Turkish Stream pipeline and 47 million cubic meters. mpo Blue Stream.

At the end of March, Putin proposed and approved a new gas payment scheme for countries from the “unfriendly” list. They were required to open two accounts with Gazprombank— ruble and in foreign currency. “It is quite obvious that it no longer makes any sense for us to supply our goods to the European Union, the United States in dollars, euros and a number of other currencies,” — explained the Russian president.

The European Commission urged not to follow the conditions of Moscow, explaining that this would be considered an attempt to circumvent sanctions against Russia.

Authors Tags Persons

Vladimir Putin

politician, President of Russia

October 7, 1952

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