Turkey's trade boom with Russia is faltering due to "rapidly expanding" Western sanctions lists, Bloomberg reported on April 5.
Following extensive sanctions imposed by Western countries against Russia in response to its invasion of Ukraine, Turkey became one of the key lifelines for Moscow's international trade.
Turkish machinery exporters, who benefited from the surge in sales to Russia last year, may see their revenues drop by $1 billion in 2024 due to sanctions, Bloomberg said, citing Kutlu Karavelioglu, the chairperson of the Machinery Exporters' Association.
This represents one-third of last year's sales to Russia, Karavelioglu clarified for Bloomberg.
Data published by Turkey's Trade Ministry indicate that exports to Russia dropped by 33.7% in the first quarter of 2024 compared to a year earlier.
Other trade partners crucial for Russia's economy have also begun scaling back their business dealings in the wake of Western sanctions.
Buyers in India, the second-largest importer of Russian oil after China, have begun rejecting Russian shipments from sanctioned suppliers.
Several Chinese financial institutions started curbing their activities with and in Russia, also reportedly as a result of the pressure stemming from the sanctions.
Chris York
(Updated: )
