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Sanctions hurt Russia's imports from one of its key countries – Bloomberg

The flow of Turkish goods to Russia fell by a third due to sanctions
The flow of Turkish goods to Russia fell by a third due to sanctions. Source: created with the help of AI

International sanctions have forced Turkey to cut its exports to Russia by a third. Some goods were used in the war with Ukraine, including electric motors, microchips, and machine parts.

In the first quarter of 2024, export revenues to Russia decreased by 33.7% compared to the same period last year, Bloomberg reports, citing data from the Turkish Ministry of Commerce. This shows the effectiveness of the sanctions imposed by the US and EU on Russia.

A significant (by $1 billion or about a third) decline in exports of mechanical engineering products was confirmed by the head of the Association of Mechanical Engineering Exporters, Kutlu Karavelioglu. This has affected machine tools, pumps, and electric motors the most.

Trade turnover between Turkey and Russia has plummeted.

"In the face of growing pressure on the banking system and supply chains, no serious corporate equipment manufacturer will be able to maintain its previous interest in Russia," Kapavelioglu said.

The decline in exports to Russia has occurred, among other things, amid Ankara's attempts to improve relations with Washington.

"We are seeing an ever-increasing regulatory scrutiny, especially of Russia's metals, mining, construction, aerospace, and manufacturing sectors," explains Tan Albayrak, sanctions and export control lawyer at Reed Smith.

Among the products being targeted are machine parts, chips, and circuit boards.

"Most of these products have both civilian and military applications. They can be used in a washing machine and a battle tank," Albayrak added.

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