President of Turkey Recep Tayyip Erdogan confirmed that the deliveries Russian natural gas in Turkey will be paid in rubles, Turkish media reported today.
“One of the positive aspects of our visit to Sochi is our agreement with Putin on the ruble. (…), our operations in rubles will provide benefits for Turkey and Russia,” the head of Turkey told reporters on the return flight from Sochi to southern Russia, where on Friday he met with Russian President Vladimir Putin.
The presidents agreed that Russian gas supplies to Turkey “will be partially paid for in rubles,” Russian Deputy Prime Minister Alexander Novak said Friday evening.
Erdogan did not specify the volume of futures trading in rubles.
Russia has been trying for months to get its currency to participate in international settlements against the euro and the dollar amid unprecedented Western economic sanctions against Moscow in connection with its invasion of Ukraine.
Quickly condemning the Russian attack, Turkey chose to remain neutral and 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 may allow Turkey not to deplete its dollar-denominated foreign exchange reserves.
Source: APE/MEB
Source: Kathimerini
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