Following Turkish President Recep Tayyip Erdogan’s meeting with Russian President Vladimir Putin in Sochi earlier last week, five major Turkish banks have adopted Russia’s ‘Mir’ payments system.
The announcement was made by Erdogan after the presidents met in the Black Sea resort of Sochi. “There are serious developments regarding the work that banks in Türkiye are doing on Russia’s Mir card,” Erdogan said, according to Turkish state-run news agency Anadolu Agency. Erdogan said that it will bring relief for both Russian tourists and Turkey.
Erdogan added that payment in roubles will be beneficial as source for financial support for both Turkey and Russia. The two countries’ central bank governors also met during the visit.
The Turkish President said that partial payment in roubles will be made for natural gas deliveries during his talks with the Russian Premier.
Turkey has opposed Russia’s invasion of Ukraine but has resisted from joining forces with the US and Europe to sanction Russia. The country continues to import energy from Russia.
Last year, Turkey imported a quarter of its crude oil imports and around 45% of its natural gas from Russia.
Russia has also helped Turkey by providing it foreign exchange liquidity when it transferred billions of dollars to Rosatom’s Turkey-based subsidiary. The exchange was done to ensure that completion of a nuclear power plant being constructed on the Mediterranean coast.
The Turkish president will also visit the Akkuyu nuclear plant. The plant is embroiled in controversy after Russia’s state-run Rosatom removed a top Turkish commentator.
The head of state of Turkey said that neither side will accept a delay in the completion of the plant.
