Putin-Erdogan meeting: Turkey introduces the Russian "Mir" payment system

Putin-Erdogan meeting: Turkey introduces the Russian “Mir” payment system

Erdogan told reporters on the return plane from Sochi, where he met the Russian president, the Turkish state, that the new “road map” aimed at strengthening bilateral cooperation “will serve as a source of strength between Turkey and Russia, in the financial sense.” Anadolu news agency reported.

Erdogan emphasized that five Turkish banks are currently working to expand the use of the Russian international payment system Mir in the country, adding that this will make it easier for Russian tourists visiting Turkey.

As part of Western punitive measures in the aftermath of the Russian military occupation of Ukraine, the largest Russian financial institutions were excluded from the international bank payment system SWIFT.

The above-mentioned move by NATO member Turkey to boost Russian-Turkish trade clearly shows the country’s dependence on Russian energy and tourism sources. Most of Turkey’s natural gas still comes from Russia, and the country’s first nuclear power plant is being built as part of a joint Russian-Turkish investment. In the first half of 2022, after Germany, the second largest number of tourists came to Turkey from Russia.

Cover image source: Getty Images

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