11 april 2024 — 18:00
Exports from Turkey to Russia decreased by 32.1% in the first quarter compared to 2023 due to the sanctions policy of the West and problems with money transfers, TASS writes, citing data from the National Institute of Statistics.
In January-March, only 4 out of 25 Turkish industries increased exports to Russia, losses in the chemical industry, which accounts for a significant part of supplies, reached 32.4%. The main decline in exports, according to the Turkish Assembly of Exporters, was observed in three sectors: the tobacco industry, leather and jewelry, the newspaper notes.
In March alone, according to statistics, exports from Turkey to Russia decreased by 28% compared to a year earlier, to $758 million. In total, according to the results of the first quarter, exports to Russia amounted to $2.1 billion compared to $3.1 in January-March 2023.
Along with Russia, Ekonomim writes, there has been a decrease in Turkey's exports to the CIS countries. The decline in the first quarter was 14%.
In February, the United States added 16 Turkish companies to its sanctions lists. The U.S. Department of Commerce has expanded restrictions on Turkish companies operating in the fields of foreign trade, electronics supplies, industrial equipment, and tourism. In addition, there are still problems with commercial money transfers from Russia to Turkey. As a source in the banking sector of the republic previously told TASS, the difficulties are related to the regulatory measures of the Office of Foreign Assets Control of the US Treasury. These measures have "very broad formulations", in connection with which banks remain in the waiting mode for clarification of the specific conditions of transactions with the Russian Federation.