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Eastern Europe

Turkey, Russia Agree To Trade In Rubles

Image by Russian Presidential Executive Office

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With the Russian economy dealing with Western sanctions, President Recep Erdogan of Turkey is providing some relief.

The leaders of the two countries agreed during a recent meeting in Sochi, Russia to facilitate trade in the Russian ruble between the two nations.

“At the meeting in Sochi with Honorable Mr. Putin, we agreed on the ruble as a [monetary] unit in trade. As we are going to trade in rubles, it will definitely be a substantial source of income for both Turkey and Russia. And there is the Mir card. Five of our banks are currently taking it. There are significant moves in this issue, which will eventually improve conditions for the stay of Russian tourists. They will be able to make purchases and pay for hotels. During the visit, the governors of our countries’ central banks held talks,” Erdogan said without elaborating on the agenda of the meeting, reported Russian state news agency TASS.

Russian Deputy Prime Minister Alexander Novak told reporters after the talks between the Russian and Turkish Presidents that they had touched upon gas exports to Turkey and agreed to partially pay for them in rubles. Thus, Novak said, Russia and Turkey are announcing a gradual transition to paying in national currencies.

“We talked about the financial banking sector – on which big agreements were also reached – so that our commercial companies, our citizens can make transactions during their tourist trips and exchange money as part of trade turnover,” Novak said.

There are reports that Western corporations are no longer accepting Turkish credit cards due to a large influx of Russian use of the accounts in Turkey.

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