– Russia and Turkey have agreed to transfer natural gas payments to rubles.
Russia avoids dealing with the US dollar because it is considered a “toxic currency”.
Besides the purchase of natural gas, the ruble will also be used in the framework of deepening trade relations between the two countries.
Thus in an announcement by the Turkish government on Thursday (8/11/2022) quoted by Russia Today.
Russia calls the currency “toxic” as Western sanctions complicate transactions. It also helps Turkey protect its depleting hard currency reserves.
Last week, Turkish President Recep Tayyip Erdogan confirmed that Ankara would start paying for certain natural gas imports from Russia in rubles after hours of talks with his Russian counterpart Vladimir Putin in Sochi.
The two countries also signed a roadmap for economic cooperation which plans to raise the bilateral trade turnover to 100 billion US dollars per year. The President also discussed various issues, including wheat exports from Ukraine.
Earlier this month, Putin said EU countries should thank Turkey for ensuring a reliable supply of Russian gas to the bloc via the TurkStream pipeline.
The deal comes amid unprecedented Western sanctions against Russia for its military operations in Ukraine.
A warming global energy market has led Turkey to expand trade relations with Moscow gas companies and reject EU calls for sanctions against Russia.
Erdoan did not specify what percentage of gas imports his country would undertake, but quoted Bloomberg to facilitate gas trade later Turkey will use the ruble with the Mir payment system.
Mir’s payment system is in the form of a National Payment Card System (NPCS) or “Mir” card. The word Mir means “world” or “peace”. This card is created in case of disconnection of the card from an international payment system.
“The payment in rubles will be a source of financial support for Russia and Turkey, adding that the central bank governors of the two countries also met during the visit,” an Ankara spokesperson explained. .
The Mir payment system will be applied to five Turkish banks, a measure taken by Erdogan to reduce the losses of the lira, which is currently experiencing a devaluation.
During trading on Monday (08/08/2022), the value of the lira fell to the level of 17.92 against the dollar, compared to the previous lira set at 18.4 against the dollar.
Besides expanding bilateral trade, Russia will also provide foreign exchange liquidity to help Turkey complete the construction of a nuclear power plant on the Mediterranean coast.
By increasing domestic gas production amid rising energy prices on the global market. Erdoan believes that the rate of inflation that hit his country can slow down.
Currently, Turkey’s annual inflation is skyrocketing to almost 80%. A drastic increase over the number of last year.
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