Erdogan: Turkish banks adopt Russian payment system

Five Turkish banks have adopted the Russian payment system Mir, a Bloomberg article said on Saturday (August 6th), quoting Turkish President Recep Tayyip Erdogan after his meeting with President Vladimir Putin in the Russian resort of Sochi.

The report says Erdogan spoke of “serious developments” on the work Turkish banks have done with the Russian Mir card.

Erdogan also backed the Russian currency, with Turkey accepting partial payment in rubles for Russian natural gas.

Turkey said it was against Russia’s war in Ukraine, but it also did not join the United States and Europe in leveling sanctions against Russia.

Turkey also still imports energy from Russia, which provided a quarter of its crude oil imports and around 45% of its natural gas deliveries in 2021.

In addition, Russia has also extended more foreign exchange liquidity to Turkey, transferring billions of dollars to a Turkish subsidiary of Rosatom, the Russian state-owned nuclear energy company, to complete the construction of a power plant. nuclear power on the Mediterranean coast.

PYMNTS wrote recently that Turkey has been a “bridge” between continents – most of the country is on the Asian side of the continental divide, but companies there have worked more with Europe for business, and Turkey took advantage of duty-free trade agreements with the European Union and the United Kingdom

Read more: Turkish FinTechs see growing business opportunities in neighboring Europe

But that said, it also goes both ways.

“Companies in Europe see Turkey as an opportunistic market to hire good engineers in particular,” said Hakan Gonca, founder and CEO of Turkish banking app Norma in an interview with PYMNTS. “We have a good engineering training system [and] people in European markets are more aware of this than elsewhere, [which is why] they have taken steps to recruit in Turkey.



About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.

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