Russia-Turkiye Bilateral Trade Up 198%
Turkiye has registered a 198% trade volume increase with Russia since the beginning of the year, second only to India, according to the Observatory of Economic Complexity, (OEC) an online data platform.
Russia has been subjected to a series of sanctions imposed by the European Union, the United States, among others, which have included restrictions on Russia’s financial industry, its central bank and its coal and oil exporters, in addition to general export controls. Russia’s volume of imports from the West are plunging amid sanctions and trade limits.
However, Turkiye’s imports from Russia have increased by 213% since February, placing second after India, with a 430% increase. Turkiye’s current total trade volume with Russia stands at US$6.2 billion, according to the OEC.
Turkiye’s exports to Russia since the February have also increased by 113%, with the country topping the list of countries measuring an uptick in exports. China placed second with 24% percent.
Shifting Geopolitics
Turkiye has denounced Russia’s conflict with Ukraine, but unlike most other NATO and EU member nations, has stopped short of placing sanctions upon Moscow and is seeking to mediate between the two sides in the hope of brokering a peace deal.
That strategy isn’t sitting well in either Brussels or Washington, who are warning that increasing ties between Ankara and Moscow place a mounting risk of Ankara facing potential punitive retaliation if it assists Moscow in avoiding sanctions.
Despite the sanctions levied on Moscow by the West, Russia remains “deeply intertwined” global economy, the OEC said, allowing Moscow to generate “substantial sums of money as it enters its ninth month of conflict.”
“Attempts by Western nations to use sanctions and other measures to cripple Russia’s economy have so far had limited effects,” the report added. As the Ukraine conflict drags on, Russia’s long-standing economic ties with Europe are slowly unravelling, ushering in new alliances as goods are being rerouted to other countries.
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