Almost All Turkish Banks Refuse To Work With Russia, Belarus

The transactions in dollars and euros are immediately blocked.

The attempts of the Russian authorities to reach an agreement with Turkey on unblocking bank payments, which lasted more than six months, have finally ended in a deadlock.

Almost all Turkish banks have decided to refuse to service transactions related to Russia and Belarus, TASS reports citing a source familiar with the situation. According to the source, all credit organisations in Turkey with foreign participation have already stopped making payments to Russian companies, and now state and private banks that have no foreign partners intend to join them.

The banks are trying to ‘protect themselves from possible problems in the future in the form of potential restrictions and sanctions,’ the source explained to TASS. In order to continue servicing Russian-Turkish trade, the only bank left de facto in the country is Emlak Katılım, he said. It continues payments in lira and rubles, while transactions in dollars and euros are immediately blocked by most Turkish banks.

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