Turkish banks shift Russia-related transactions to local bank

Almost all Turkish banks are withdrawing from handling transactions related to Russia and Belarus, opting to transfer these operations to one local bank, Emlak Katilim Bank, a source in Turkish financial consulting firm told TASS.

This move aims to shield banks from potential future sanctions and restrictions.

Both private and state-owned Turkish banks without Western partners are affected, while institutions with Western involvement have already ceased such transactions.

Currently, Emlak Katilim Bank is the sole institution managing trades between the Russian rouble and Turkish lira.

Additionally, Turkish banks are reportedly blocking companies involved in the transit of goods to Russia, leading to account closures and transfer restrictions, as noted by Russian Ambassador to Turkey Alexey Erkhov.