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Turkish banks refuse to work with Russian banks - they do not want to anger the United States

Roman KostyuchenkoNews
Turkish banks refuse to work with Russian banks
Turkish banks refuse to work with Russian banks

Turkish banks refuse to work with Russian banks. In particular, they break off correspondent relations with almost all local credit organizations. The likely reason is the US President's decree on secondary sanctions signed on December 22, 2023.

In addition to severing correspondent relations, Turkish banks also stop processing payments without formally closing contracts, according to Russian media. However, it is admitted that the refusal to cooperate is not widespread yet - exceptions are made "for example, in relation to foreign banks' subsidiaries in Russia."

"Turkish banks are refusing to work with Russian banks for fear of sanctions. The situation began to deteriorate in the summer, and sharply escalated after the US President's decree on secondary sanctions was issued on December 22. The version of the refusal to cooperate with Russia under US pressure was confirmed by the chairman of the Turkish Exporters' Assembly Mustafa Gultepe," the statement said.

It is emphasized: Turkey became one of the first countries whose banks began to close correspondent relations with Russia. "Not a single bank wants to be cut off from dollar payments," one of the local bankers admitted.

Chinese state-owned banks against Russia

After the US president signed the decree on secondary sanctions, Chinese state-owned banks began to tighten restrictions against Russia. In particular, at least two institutions have ordered audits of their Russian businesses in recent weeks. They also intend to:

  • break ties with clients on the sanctions list;
  • stop providing any financial services to the Russian military sector, regardless of the currency and location of the transactions.

As Bloomberg analysts explain, the Chinese banks' own scrutiny of their Russian business will be extended to non-Russian clients. Those who:

  • Do business in Russia;
  • transport critical goods to Russia through third countries.

"This emphasizes that China is complying with US sanctions. Despite its principled opposition to them and promises to maintain economic ties with Russia," the statement said.

As reported by OBOZ.UA, at the same time, Western analysts say that the Russian economy may not be able to withstand rising costs amid limited supply and rising inflation. The reason is that it is in a state of dangerous overheating.

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