The problem of money transfers from Russia has been partially solved. Exceptions were made for 4 sectors regarding money transfers from Russia, which started to be disrupted in December last year and came to a standstill in January. Exports made in the textile, ready-to-wear, footwear and food sectors started to be received from Emlak Participation Bank. Exporters operating in other sectors are also waiting for the scope to be expanded.
The sector representatives we interviewed on the subject said that the relevant ministry representatives took action upon the increase in the problems experienced in money transfers from Russia, and that the transfers have started to take place through Emlak Participation Bank, and that exporters breathed a sigh of relief with the rapid action taken. For the time being, the blockage has been cleared in 4 sectors, while the automotive and machinery sectors are also waiting for the scope to be expanded.
Some seek for non-bank formulas
On the other hand, it was learned that some of the exporters who could not receive their export payments from Russia are looking for different solutions. Accordingly, while some companies solve the payment problem through the company or representative of the company in Turkey, if any, to which the company sells goods in Russia, some exporters receive their payments through the Grand Bazaar.
After the Russia-Ukraine War started, Turkish companies were unable to receive the goods they sold to Russia in Euros and dollars in the face of Western sanctions. While trade in Turkish lira and rubles accelerated, Turkish banks started to refuse money transfers after the latest Western sanctions. Companies that could not receive their payments brought the issue to Ankara’s agenda after exports came to a standstill, and the Ministry of Trade took action and created a list of companies with payment problems.
The Russian Ambassador stepped in
Russian Ambassador to Turkey Alexei Yerhov told Sputnik that the Russian Embassy and Trade Representative Office are in intensive contact with the competent Turkish authorities regarding the refusal of some Turkish banks to make payments on behalf of the interests of Russian commercial enterprises. “The Russian Embassy and the Trade Mission are in intensive contact with the competent Turkish authorities regarding the refusal of some Turkish banks to make payments on behalf of the interests of Russian business entities. At the same time, some banking institutions are directly referring to the Western sanctions, which were decided to tighten at the end of last December. We hope that as a result of the efforts currently being made, we will reach a solution that will satisfy both Turkish exporters selling products that are fully exempt from sanctions, and their Russian partners,” the statement said.
Chinese banks also halted transfers
On the other hand, it was revealed that not only Turkish banks, but also some banks in China, whose trade with Russia increased after the war, did not accept transfers from Russia. According to a report in the Russian newspaper Izvestiya, Chinese banks suspended dollar-based payments with Russia after the new sanctions decisions taken in December, while ruble and yuan payments continued. In addition, Chinese state banks, worried about being caught in the sanctions, asked Russian companies to send payments through third parties unrelated to Russia.
