Turkish banks have incurred immense financial losses as they are forced to obey anti-Russian sanctions. Turkish financial institutions have lost $2 billion, according to economic commentator Mustafa Recep Erçin.
Over the past eight months, Turkish banks have fallen short of export revenues by billions of dollars. Bearing in mind future prospects, they are braced for even more dismal figures. Meanwhile, the economic relations between Ankara and Moscow are unlikely to deteriorate, but the potential for their development is pretty bleak.
How can Russia expect help from Turkey in such a situation? Analysts believe this is a complicated issue that should be addressed by the Kremlin's economic staff and their Turkish counterparts.
Earlier, Alexey Yerkhov, Russia's ambassador to Ankara, highlighted the ongoing difficulties in financial settlements between Russia and Turkey. Some banks block transactions and close accounts, and at times squeeze out companies involved in supplying merchandise to Russia. Moreover, US authorities have been stepping up pressure on Turkish companies due to their business ties with Russia. These firms receive regular warnings about the need for strict control over the sources of payment transfers.
In the summer, a representative of state-owned Ziraat Bank in Ankara stated that there had been no major changes in resolving the issues with bank transfers from Russia to Turkey. So, banks deal with difficulties in transactions between the two countries. Sadly, stakeholders find it challenging to specify a concrete timeline for solving this problem.
