Turkey's exports to Russia fell by a third in February due to sanctions
Kyiv • UNN
Turkish exports to Russia dropped by 33% in February 2024 amid sanctions imposed by the US and EU on Russia over its invasion of Ukraine.
Exports of Turkish goods to Russia fell by 33% in February 2024 amid sanctions. This was reported by Reuters, citing statistics from the Turkish Ministry of Trade, UNN reports.
Details
The data shows a drop from $1.1 billion to $670 million compared to the same period in 2023.
It is noted that imports from Russia to Turkey in 2024 also fell by 36.65% to $1.3 billion from $2 billion recorded in 2023.
The U.S. threat to impose sanctions on financial companies doing business with Russia has led to a cooling of Turkish-Russian trade, disrupting or slowing down some payments for both imported oil and Turkish exports
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On February 23, the Council of the European Union approved the 13th package of sanctions against Russia. It was noted that restrictions were imposed on another 106 individuals and 88 legal entities. Companies from China, India, Serbia, Kazakhstan, Thailand, Turkey, and Sri Lanka were sanctioned. At the same time, the White House confirmed that the United States was imposing more than 500 new sanctions against Russia. The sanctions are aimed at the Russian financial sector, defense industry, procurement networks, and individuals trying to avoid the original sanctions.
