Turkish President Recep Tayyip Erdogan has confirmed that Russian gas deliveries to Turkey will be paid for in rubles, Turkish media reported on Saturday. “A positive aspect of our visit to Sochi is our agreement with Vladimir Putin on the ruble. God willing, our ruble exchanges will ensure benefits for Turkey and Russia,” the Turkish head of state told reporters on board his flight. back from Sochi (Russia), on the shores of the Black Sea, where he met on Friday with the Russian president.
The two presidents agreed that Russian gas deliveries to Turkey “will be partially paid for in rubles,” Russian Deputy Prime Minister Alexander Novak announced on Friday night. Recep Tayyip Erdogan did not specify the volume of future transactions in rubles. Russia has been seeking for months to impose its currency in international agreements against the euro and the dollar, amid unprecedented Western economic sanctions against Moscow for its invasion of Ukraine.
45% of natural gas purchases
While quickly condemning the Russian offensive, Turkey opted for neutrality between the two countries and did not join Western sanctions against Moscow. In 2021, Russia accounted for about a quarter of Turkey’s oil imports and 45% of its natural gas purchases. Paying for Russian gas, even partially, in rubles could allow Turkey not to further reduce its dollar foreign exchange reserves.
Economists say the Turkish government spent tens of billions of dollars last year trying to stem the collapse of the Turkish lira, which has lost nearly half its value in a year. Recep Tayyip Erdogan and Vladimir Putin also pledged in Sochi to strengthen energy and economic cooperation.
Source: BFM TV
