Türkiye’s economic ties with Russia ‘legal’: Finance chief
President Recep Tayyip Erdoğan, accompanied by Treasury and Finance Minister Nureddin Nebati (L), arrives at a meeting in Istanbul, Türkiye, Oct. 3, 2022. (Reuters Photo)


Treasury and Finance Minister Nureddin Nebati on Tuesday defended Türkiye’s economic relations with Russia and dismissed Western concerns that Türkiye was helping Moscow circumvent sanctions.

Nebati's remarks came as some Western governments raised concerns over Türkiye’s decision not to participate in sanctions on Russia over its invasion of Ukraine – a stance Ankara says has helped its mediation efforts reap some results.

In an interview with the Financial Times, Nebati insisted the economic ties between the two countries were "legal" and described them as "good neighborly relations."

NATO member Türkiye has close ties with both Russia and Ukraine and has sought to balance relations through the war. It has criticized Moscow's invasion and provided Ukraine with arms, including drones, which significantly deterred a Russian advance early in the conflict.

Ankara refuses to join the West in imposing sanctions on Russia and has also cited its reliance on Russian energy supplies.

"Türkiye is a country that acts very carefully within the international financial system. It’s not a country that behaves in ways that will cause breaches of the international financial system. We’re very clear on this," Nebati told the Financial Times.

"Everything is coming to us through legal routes."

Turkish banks last month suspended the use of the Russian Mir payment system, in a move that followed warnings from the United States of secondary sanctions on entities if they are found helping Moscow skirt financial sanctions.

Moscow condemned Washington for forcing Turkish banks to cut their Russian ties, saying the decision was made under "unprecedented pressure."

Nebati on Tuesday said "opposition elements" inside and outside Türkiye were "deliberately raising question marks" about the country’s financial links with Russia.

Nebati also confirmed in the interview that Ankara had asked Moscow for a discount and delayed payments on natural gas purchases.

The minister said he expected "good news" on both fronts.

State-run energy importer BOTAŞ was earlier this month reported having been seeking to postpone some of its payments for Russian gas to 2024, according to Bloomberg News.

The talks came as the two countries reached a consensus for Türkiye to pay 25% of its obligations in rubles, instead of dollars.

Meanwhile, Russian President Vladimir Putin on Oct. 12 floated the idea of exporting more gas via the TurkStream gas pipeline running beneath the Black Sea to Türkiye, touting the country as the best route for redirecting gas supplies to the European Union after the Nord Stream pipeline leaks.

A day later, President Recep Tayyip Erdoğan said both countries would immediately start work on Putin’s proposal to turn Türkiye into a new supply "hub" and that there would be "no waiting."