BY SEBNEM TURHAN Increasing import costs due to the Russia-Ukraine war, interventions to keep TRY steady, company import payments, and the Central Bank’s (CB) foreign exchange (FX) sales all raised the need for FX. A lack of foreign direct investment in Turkey has caused insufficient supply. Ongoing high FX demand and the absence of supply...
Tag: Russia
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The impact of the Ukrainian war on the global economy: OPINION
BY ZEYNEP GURCANLI The crisis is escalating extremely quickly. The Western Front, which we thought was splintered due to relations with Russia, united. Putin and his administration are facing severe sanctions. The Russian army did not reach its targets in Ukraine as quickly as expected. Putin’s myth of kinship between Ukraine and Russia turned out...
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The cost of the war will be seen in March: OPINION
BY ALAATTIN AKTAS It would be optimistic to think that the troubles that will be caused Russia-Ukraine in the Turkish economy will be limited to just a few weeks. TOURISM GOES OFF THE RAILS Last year, 4.7 million tourists from Russia and 2.1 million from Ukraine came to Turkey. The share of Russian tourists in...
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The first step towards the new international order: OPINION
BY ZEYNEP GURCANLI We feared it would happen in Ukraine. After the extraordinary military buildup on the Ukrainian border, Russian leader Vladimir Putin took the expected step of officially recognizing Luhansk and Donetsk, two Russian-dominated regions that declared their independence from Ukraine. Not only did he recognize them, but by signing cooperation and assistance agreements...
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Turkish brands shut down stores in Ukraine
BY YENER KARADENIZ Turkish ready-made clothing and textile companies operating in Ukraine have been adversely affected by Russia’s ‘special military operation’ in the country. Many brands from LC Waikiki to Colins and English Home, which have around 200 stores in Ukraine, have closed them due to security concerns. Shopping malls in the country sent a...
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Putin hits tourism, FX, oil and current balance figures: OPINION
BY ALAATTIN AKTAS Turkey would probably take second place after Ukraine among the countries that will suffer the most from Putin’s statements yesterday and the operation launched by the Russian army. Russia may also suffer from the sanctions the West will impose. However, even the increase in oil prices due to this tension benefits Russia....
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Ukraine is one problem among many: OPINION
BY PROFESSOR ILTER TURAN The crisis in Ukraine has monopolized the news during the recent weeks. If a man from space read the newspaper headlines, he might easily conclude that the world has a single problem. If an agreement could be reached, then the world would indeed become a happy place, that man would think....
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Diplomacy emerged in the Ukraine Crisis – but who won: OPINION
BY ZEYNEP GURCANLI In the Ukraine crisis, which brought the West and Russia face to face, the needle turned from conflict to diplomacy. Although the possibility of conflict has not completely disappeared, the shuttle diplomacy conducted by French President Macron, first with Russian Leader Putin and then with Ukrainian President Zelensky, seems to have decreased...
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Will NATO send troops to Ukraine: OPINION
BY ZEYNEP GURCANLI The Ukraine crisis has begun to evolve form a West-Russia tension into a NATO-Russia conflict. The US administration announced that it has allocated an emergency response force of 8,500 soldiers for NATO to use in the Ukraine crisis This situation created the perception that direct NATO intervention is on the agenda. This...
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Interesting developments in Idlib: OPINION
BY ZEYNEP GURCANLI Whenever Ankara makes a contrary statement to Russia on the Crimea issue, Moscow reacts unexpectedly. Now, it’s happened again. “The Russians have collapsed in the Crimea,” President Erdogan said when returning from his Albanian visit. Moscow’s reaction came through Syria. Oleg Juravlyov, one of the spokespeople of the Russian military in Syria,...