The invented mechanism should simplify payments for Turkish exporters, reduce bank fees and help avoid delays caused by sanctions against the Russian Federation.
The private Turkish company Bosphorus Gaz has launched a new settlement scheme in Russia in the form of a ruble-euro currency swap. Bloomberg reported this the previous day, November 5.
According to CEO Bilgehan Üstundag, this mechanism will simplify payments for Turkish exporters, reduce bank fees and help avoid delays caused by sanctions.
The scheme works like this: Russian companies transfer payments in rubles to the accounts of Bosphorus Gaz, which in turn pays the equivalent amount to Turkish exporters in euros. The company uses the rubles received to pay for Russian gas purchased from Gazprom. All transactions take place through the Turkish state bank Emlak Katilim Bankasi, which ensures the legality of the transactions.
At the moment, the scheme is in the testing phase, but Bosphorus Gaz already charges a commission for the swap, while banning trade in sanctioned goods.
Bosphorus Gaz’s initiative is part of a broader trend among companies looking for solutions to do business in Russia.
Similar alternatives include barter agreements for agricultural products and payments through neighboring countries.
It was previously reported that the threat of a second US sanction against Turkish banks that receive payments from Russia is having a significant impact on Russian-Turkish trade.
In April, we reported that Turkey, which ranks second in the world after India in terms of imports of Russian Urals oil, continued to increase purchases of this grade in March and brought import volumes to a historic maximum of more than 12 million barrels.
At the same time, in March, the United States agreed with Turkey on a new compliance system and the introduction of new sanctions against Russia.
Source: korrespondent
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