The US threat of secondary sanctions against Turkish banks that accept payments from Russia has hit Russian-Turkish trade.<\/p>\n
According to the Turkish Statistical Institute (TurkStat), exports of goods from T\u00fcrkiye to Russia fell by 28.3 per cent year-on-year to $4.16 billion in the January-June period.<\/p>\n
In June in particular, this figure fell by almost 30 per cent year-on-year to $670 million and $956 million respectively.<\/p>\n
T\u00fcrkiye also reduced its imports of goods from Russia. This decline was 10.3 per cent year-on-year to $22.04 billion.<\/p>\n
In addition, T\u00fcrkiye’s imports from Russia in June increased by 1.2 per cent year on year to $2.95 billion.<\/p>\n
Energy remains the main component of imports from Russia, but even these imports have been affected by payment problems.<\/p>\n
Russian oil supplies, including to India, China and the United Arab Emirates (UAE), have been disrupted due to payment problems at Turkish banks, Reuters reported in March.<\/p>\n
T\u00fcrkiye has also sharply reduced natural gas imports from Russia, according to the Energy Market Regulatory Authority (EMRA).<\/p>\n
In April, Turkish importers bought only 413 million cubic metres of pipeline gas from Gazprom, 3.6 times less than in the same month last year (1.523 billion cubic metres).<\/p>\n
Turkish companies are also cutting back on purchases of liquefied natural gas (LNG) from Russia; in April, the country’s ports did not receive a single tanker carrying raw materials from Russia.<\/p>\n
Problems with bank payments between Russia and T\u00fcrkiye began in December last year.<\/p>\n
US President Joe Biden issued a decree allowing the Treasury Department to impose secondary sanctions on third-country banks for working with sanctioned Russian entities and for supporting Russia’s defence industry.<\/p>\n
In June this year, the US expanded the definition of Russian defence industry to include all individuals and entities previously sanctioned.<\/p>\n","protected":false},"excerpt":{"rendered":"
The US threat of secondary sanctions against Turkish banks that accept payments from Russia has hit Russian-Turkish trade. According to the Turkish Statistical Institute (TurkStat), exports of goods from T\u00fcrkiye to Russia fell by 28.3 per cent year-on-year to $4.16 billion in the January-June period. In June in particular, this figure fell by almost 30 […]<\/p>\n","protected":false},"author":1,"featured_media":4941,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[5],"tags":[1827,704,1828,457,2338,1144,1992,683,659,895,409,1192],"class_list":["post-4940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-russia","tag-export","tag-gas","tag-import","tag-joe-biden","tag-lng","tag-oil","tag-payments","tag-russia","tag-sanctions","tag-turkey","tag-turkiye","tag-united-states"],"yoast_head":"\n