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Türkiye to make some gas payments in roubles to Russia

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Türkiye to make some gas payments in roubles to Russia

The two sides have agreed to put the payment model into action in the “near future”, says Russian President Putin Russia has sought to conduct as many transactions as possible in currencies other than dollars or euros in response to Western sanctions. (AA) Russian President Vladimir Putin has said that 25 percent of Russian gas supplies to Türkiye would be paid for in roubles and that an agreement on this would come into force soon.

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His comments came following a meeting with Turkish President Recep Tayyip Erdogan on the sidelines of a Shanghai Cooperation Organisation (SCO) summit in Uzbekistan over the weekend.

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“Our agreement on deliveries of Russian natural gas to Turkey should come into effect in the near future, with 25 percent of payment for these deliveries in Russian roubles,” Putin said.

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READ MORE: Russia's Putin applauds Türkiye for mediation efforts over Ukraine conflict

A balanced approach

Türkiye has maintained warmer relations with Russia than other European Union countries have.

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Ankara is putting “sincere efforts” to end the crisis in Ukraine and to allow the grain to be exported to Africa, President Erdogan said on Friday at the second session of the SCO summit

“We are making efforts to finalise the conflict in Ukraine through diplomacy as soon as possible,” Erdogan added

READ MORE:  Türkiye making efforts to end Ukraine conflict through diplomacy: Erdogan

Russia's response to sanctions

The United States, European Union and their allies have imposed sweeping economic sanctions on Russia over its February 24 offensive against Ukraine

The sanctions have cut off Russian oil and gas firms from the international payments system, which is dominated by the US dollar. 

Russia in return has sought to conduct as many transactions as possible in currencies other than dollars or euros – the usual default currencies for energy contracts, in particular

It has also demanded that payments for some gas exports be made in roubles. 

Several European Union member states including Poland and Bulgaria have had gas supplies from Russia cut off after refusing to make the rouble payments

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Source: Reuters