Turkey will pay for Russian S-400s in rubles or pounds, says Erdogan

by Naharnet Press Office more than 5 years

Turkey will pay in rubles or pounds, rather than dollars, for its large order for Russian S-400 missile defense systems that has troubled Ankara's Western allies, President Recep Tayyip Erdogan said on Thursday.

Erdogan said the final currency composition had not yet been agreed, but confirmed he expected deliveries of the systems to take place in 2019.

His comments came a day after Putin said Russia was reducing its reliance on the dollar in international trade due to increasingly tough U.S. sanctions.

Turkey is also seeking to do the same after the lira fell in financial markets over the summer, although it recovered last month.

“We always had this principle: we would conclude this deal with local money,” Erdogan told reporters in Istanbul before leaving for the G20 summit in Argentina where he is expected to hold talks with Russian President Vladimir Putin.

“In the end, we agreed that the amount would either be in rubles or Turkish liras,” he said.

But he added: “But I know that the work of our central banks has not yet reached its final point. We have about a year left. God willing, these deliveries will be made towards the end of 2019.”

Putin said Wednesday that while “our goal is not to abandon the dollar…the dollar is abandoning us.”

Putin stressed that dollars were not included in the S-400 deal with Turkey and Deputy Prime Minister Yuri Borisov recently said that India, Moscow's main defense client, would also pay for a similar order from S-400 to rubles.

The S-400 order is seen as one of the key symbols of blossoming relations between NATO member Turkey and Russia under Erdogan and Putin.

The order raised questions among NATO allies about the compatibility of the systems with NATO equipment as well as the broader implications for Turkey's future strategic direction.

President Donald Trump signed a defense authorization bill in August that could ban the delivery of F-35 stealth jets to Turkey if the country proceeds to purchase the S-400, capable of shooting down as many missiles than planes.

According to Russian media, Turkey will purchase four S-400 systems in a deal worth a total of $2.5 billion.

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