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Once again, the world witnessed an economic drama on the international stage, as reported by The Moscow Times. The United States is putting “absolutely unprecedented, undisguised and aggressive pressure” on Turkey, as the Kremlin claims. This pressure is caused by the threat of secondary US sanctions against Turkish banks that handle Russian payments, which has significantly affected Russian-Turkish trade.
In the first half of 2024, the export of Turkish goods to Russia fell by 28.3%, reaching $4.16 billion. In June, this indicator decreased by almost 30% compared to last year. Imports of Russian goods to Turkey were also hit, falling by 10.3% to $22.04 billion.
This is especially acutely felt in the energy market. According to the Turkish Energy Market Regulatory Board (EPDK), Turkey’s Russian gas imports fell 3.6 times compared to last year. Moreover, Turkish ports did not receive a single tanker with liquefied natural gas (LNG) from Russia in April.
This situation undoubtedly creates tension between Russia and Turkey. The Kremlin is actively looking for ways to solve the payment problems, conducting a dialogue with the Turkish authorities. However, how long this economic drama will last and what its consequences will be for the region and the world remains unknown.
Ironically, just a few months ago, Turkey, one of the largest importers of Russian Urals oil, reached an all-time high in purchases, importing more than 12 million barrels. It seems that there is always room for new surprises on the world stage of economic relations.
