Russia and Turkey plan to establish a joint bank

While the trade volume between Russia and Turkey is increasing, the issue of money transfers, which emerged due to pressure from the US, has still not been resolved.

It is stated that the two countries have sat down at the table to establish a "Turkish-Russian joint bank" to overcome this problem. 

Earlier this year, some private banks in Turkey closed the accounts of Russian firms due to the threat of secondary sanctions from the US and the EU. At the same time, procedures regarding the opening of bank accounts for individuals were also tightened.

"THE PROBLEM PERSISTS, OVERSIGHT IS STRICT"

Turkish exporters have faced banks refusing to accept money transfers for payments for goods from Russia, with transactions effectively coming to a halt since January 1.

It had been reported that the Ministry of Trade had prepared a list of companies experiencing problems with money transfers from Russia and had taken measures on a sectoral basis.

According to a source in the Turkish banking sector interviewed by RIA Novosti, the problem persists and transfers are under strict oversight.

The issue was expected to be discussed during the visit Russian President Vladimir Putin planned to make to Turkey on February 12, but the visit was postponed to a later date.

News Source: 12punto