ISTANBUL: 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The announcement was originally made Friday evening by Moscow after more than four hours of talks between Erdogan and Russian President Vladimir Putin in Sochi.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 return flight 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.
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