Turkish banks began to close accounts of Russian companies

Turkish banks began to close accounts of Russian companies. about this , citing financial consultants and representatives of business associations. writes The Vedomosti newspaper

According to them, Turkish banks are afraid of secondary sanctions from the United States, which they may fall under for helping to circumvent restrictions against the Russian military-industrial complex and business. As Vedomosti reminds, at the end of 2023, US President Joe Biden signed a decree that simplified the procedure for introducing restrictions against foreign banks that help Russian citizens and companies circumvent sanctions.

According to Vedomosti, two Turkish banks that have until now worked with Russian companies have already closed the accounts of a significant part of Russian legal entities. At least two more credit institutions in Turkey are in the process of closing the accounts of Russian citizens and companies. We are mainly talking about those clients who opened accounts there after the start of Russia’s full-scale invasion of Ukraine.

According to international payments consultant Iskander Mirgalimov, Turkish banks primarily close the accounts of those Russian clients who used them as transit, as well as oil and gas traders. However, he noted that Turkish state banks are still processing some payments. We are talking about payments for food and pharmaceutical products in national currencies.

In mid-January, the Kommersant newspaper wrote that Turkish banks refuse to work with Russian credit institutions.

“Banks are breaking off relations due to pressure from the United States. And not only in Turkey, but also, for example, in China,” one of Kommersant’s interlocutors said then.

In turn, the publication noted that this is not only about the severance of correspondent relations between credit institutions in Turkey and Russia, but also about the suspension of payment processing.

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