According to the Financial Times, Turkish exports of dual-use goods to Russia and CIS countries have surged this year.
In the first nine months of 2023, Turkey delivered 45 categories of goods banned by the West. The sanctioned items included microchips, telecommunications equipment and its parts, as well as other types of goods subject to US, EU, Japanese, and UK export controls. As a result, Turkey's overall exports of such goods tripled, reaching $158 million.
Thus, despite sanctions causing financial strain and cutting the countries from key markets, Turkey and Russia made the best out of the situation and found delivery byways.
Turkey’s imports of high-priority goods from G7 countries have increased by more than 60% to $500 million so far this year compared to the 2015-2021 period. However, this fact is a serious cause for concern among US officials. In this regard, Brian Nelson, Treasury undersecretary for terrorism and financial intelligence, is going to visit Turkey to discuss trade activity that “benefits the Russian effort in its war against Ukraine.” Notably, this will be his second trip to the republic.
Earlier, Turkish trade minister Omer Bolat said Turkey's export performance reached its highest level since early 2023. In October, overseas shipments were valued at $22.9 billion. Since the beginning of this year, the total volume of exports has reached an impressive $254.4 billion. Notably, after Western states introduced sanctions against Russia, Turkey became one of its key exporters. In 2022, the republic was ranked second among the largest trade partners of Moscow. As a result, the countries have significantly increased the share of settlements in national currencies.
