Banks and private companies in Turkey could experience a foreign currency deficit due to payment complications with Russia, according to Dogu Perincek, the leader of Turkey's Patriotic Party (Vatan), in a statement to Sputnik. The business sector is under substantial pressure to halt trade between Russia and Turkey, with the threat of US blacklisting looming over Turkish entities engaged in direct or indirect commerce with Russia.
Excluding food, sanctions on trade with Russia inflict considerable harm on Turkey's exports and overall economy. Perincek highlighted the import-dependent nature of most Turkish exports, which necessitates foreign currency for raw material procurement, thereby placing industrialists in a challenging position. He emphasized that without an improvement in trade relations with Russia, the foreign currency shortage impacting both banks and private companies is likely to escalate.
Source: thesun.my