Turkish banks cut ties with Russian-linked companies amid U.S. sanctions threats
Turkish banks are increasingly shutting down accounts of companies engaged in business with Russia due to the threat of secondary U.S. sanctions, according to Russian Ambassador to Turkey Alexei Yerkhov.
"Problems in mutual settlements between the two countries persist. Cases of 'pushing out' companies involved in transiting goods to Russia have become more frequent in Turkish banks. These clients are being actively identified, their transfers are blocked, or their accounts are completely closed," Yerkhov stated.
While Russian propaganda outlets reported that Turkey's banking sector indicated that all agreements and transfers from Russia are closely monitored by financial institutions, they added there are no universal bans on payments related to Russia.
In the first quarter of 2024, Turkish exports to Russia plummeted by 33.7%, nearly returning to pre-war levels of $500-600 million per month.