Turkish President Recep Tayyip Erdogan met with his Russian counterpart Vladimir Putin for more than four hours in Sochi
Murat KULA
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President Recep Tayyip Erdogan has confirmed that Turkey will start paying for some of its Russian natural gas imports in roubles.
The announcement was originally made by Moscow on Friday evening after more than four hours of talks between Erdogan and Russian President Vladimir Putin in Sochi.
The United States is leading international efforts to impose economic sanctions on Russia in response to its invasion of Ukraine in February.
But NATO member Turkey has tried to stay neutral in the conflict because of its heavy dependence on Russian energy.
Russia accounted for about a quarter of Turkey’s oil imports and 45% of its natural gas purchases last year.
“As Turkey, our door is open to everyone,” Erdogan told Turkish reporters on Saturday on his flight home from Sochi.
“A good thing about this visit to Sochi is that we agreed on the ruble with Mr. Putin,” Erdogan said.
“Since we will do this trade in rubles, it will of course bring money to Turkey and Russia.”
Neither Erdogan nor Russian officials have specified which part of the gas will be covered by ruble payments.
Avoiding paying for gas in dollars helps Turkey protect its dwindling hard currency reserves.
The Turkish government is said to have spent tens of billions of dollars over the past year trying to protect the pound against steep declines during its latest economic crisis.
The lira has lost another 55% of its value against the dollar and consumer prices have soared 80% in the last 12 months.
The crisis has complicated Erdogan’s path to a third decade in power in elections scheduled for next July.
The United States and the European Union are trying to pressure Russian energy customers to switch to ruble payments to limit Moscow’s ability to wage war against Ukraine.
Ruble payments help Russia avoid the restrictions on dollar transactions with Moscow that the United States is trying to impose on global banks.
Turkey refused to join the sanctions regime against Russia and instead pushed for truce talks between Moscow and Kyiv.
Erdogan and Putin pledged in Sochi to expand economic cooperation in sectors such as banking and industry.
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