As a "transit station"!Western sanctions on Russia made Turkey find new business opportunities

11.08.2022

Number of this text: 1488, the reading time is about 2 minutes old

Introduction: Turkish Exporter Association's executive Tedliolu said that European companies want Turkey to act as a "warehouse or bridge" to Russia.

Author | First Financial Qian Xiaoyan

Since the upgrading of the Russian and Ukraine conflict, Turkey has traveled between all parties as "middlemen". Not only that, there are many signs now show that Turkey has also become a "middleman".

At present, the West has imposed sanctions on many industries in Russia, and Turkey has become one of the important "transit stations". The executives of the Turkish Export Merchants Association (Tİm) çEtin TECDELIOğLU do not avoid the role of Turkey. He said that European companies want Turkey to act as a "warehouse or bridge" to Russia, and Russian companies also Willing to buy from Turkey.

Zou Zhiqiang, a researcher at the Middle East Research Center of Fudan University, told the First Financial reporter that Turkey has its own unique conditions, including a better relationship with Russia, closely adjacent to it, and has multiple identities. Most Middle East countries, including Turkey, maintain cautious attitude in Russia and Ukraine's conflict, which is not consistent with Western interests.

"Transit Station"

According to statistics from Turkey, Turkey's exports to Russia in July were US $ 730 million, and the export volume in July last year was only $ 417 million, a significant increase year -on -year. Due to the special status of Turkey, many Turkish practitioners have become middlemen actively or passively.

Tedliolu also serves as the head of the Black Metal and Nonferrous Metal Export Merchants Association (IDDMIB) in Istanbul, Turkey, and he said that Russia is buying things from EU companies that cannot be purchased from EU companies. In addition, many EU companies also come to ask if they can be supplied to Russia through Turkey. He also revealed that the EU's metal products include kitchenware and machinery.

Tedliolu added that this is undoubtedly the "historic opportunity" of Turkish companies. According to IDDMIB data, as of August 8, Turkey's black metal and non -ferrous metals exports to Russia reached US $ 170 million, an increase of 26%year -on -year.

Kazım Taycı, the head of Istanbul's grains, beans, oil seeds, and product exporters (İHBİR), also known that Turkey has now become a transit station to Russia. He said: "We understand that some European companies want to sell products to Russia with Turkey as the base."

As Western transport giants have stopped shipping directly to Russia, according to industry observation reports, the warehouses in the port of Turkey are now full of goods sent to Russia. Mehmet Serkan Erdem, general manager of the Freight Company Rif Line, said the company's warehouse at the port of southern Turkey has been piled up to Russia. In addition to the shipping method, there is also a truck to ship from Russia through a truck.

Some Russian companies have also started to set up branches or offices in Turkey to carry out trade. At the same time, Russian merchants can obtain Turkey's long -term residence and citizenship by buying a certain amount of real estate in Turkey.

"New Opportunity"

Turkish President Erdogan met again with Russian President Putin on August 5. It is worth noting that the last time the meeting was only 17 days apart. The 45 -minute dialogue time between the two sides finally lasted more than four hours.

Russian Deputy Prime Minister Alexander Novak said the two sides made "very important decisions" in the trade and economic field. As a member of NATO, Turkey ’s depth of cooperation with Russia has been considered to be particularly prominent in the environment of European and American countries in the recent stage.

Novak said that Turkey agreed to change its way of paying natural gas to Russia and will pay some natural gas funds to Russia in Rubbing. Russia had previously announced that it was identified by Russia as unwavering countries to pay Russia's energy costs through the ruble account to prevent Russia from affecting Western sanctions.

In 2021, Russia provided about a quarter of Turkey's oil imports, accounting for nearly half of Turkey's total natural gas procurement. At present, the annual inflation rate of Turkey is close to 80%. Without the supply of natural gas in Russia, Turkey's economic crisis may be more difficult to control.

After the meeting, Erdogan said that Turkish Bank had "major progress" in the construction of the Russian Mir (MIR) payment system. Among them, 5 banks have introduced this system, which will be greatly facilitated to visit. Turkey's Russian visitors. Affected by sanctions, MasterCard and Visa card have suspended Russian business. Some comments pointed out that Turkey's role as a "middleman" or "transit station" undoubtedly provides new opportunities and brings valuable liquidity.

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