The Aydinlik news outlet has reported that ruble trade settlements between Türkiye and Russia have seen a significant increase of 230% in the first seven months of this year compared to the same period in 2022, according to official statistics. In total, export and import transactions between the two countries reached $700 million from January to July 2023. This consisted of export settlements in rubles equating to $428 million, and import payments in Russian currency reaching $267 million.
Interestingly, the number of export contracts has experienced a remarkable surge of 181%, while import deals have skyrocketed by an astonishing 352% year-on-year.
Recognizing the potential of this growing trend, the heads of the central banks of Russia and Türkiye have agreed to further boost trade in national currencies. This decision was reached during a meeting between Russian President Vladimir Putin and Turkish counterpart Recep Tayyip Erdogan in Sochi on Monday.
The inclination towards enhancing economic cooperation between the two nations has been evident throughout the year. President Putin and Erdogan had previously agreed to encourage mutual investment and facilitate the entry of Russian and Turkish businesses into each other’s markets. This plan was put into action following the signing of a roadmap in 2022.
Within the framework of this roadmap, the goal is to increase the annual trade turnover between Russia and Türkiye to $100 billion. This is a significant jump from last year’s $61 billion. Furthermore, the two countries have also decided to introduce the ruble as a settlement currency in bilateral trade, including payment for Russian natural gas supplies.
Currently, Moscow and Ankara are actively cooperating in the energy sector, specifically focusing on initiatives related to natural gas exports. There is a shared commitment to further develop and strengthen relations in this sector.
Both Russia and Türkiye recognize the potential for bilateral trade growth and aim to build a solid foundation for long-term cooperation. The significant increase in ruble trade settlements is a testament to the flourishing economic ties between the two countries. As they continue to explore opportunities for collaboration, it is expected that their trade turnover will continue to rise, ultimately reaching the desired $100 billion target.
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