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Putin and Erdogan agree to pay for gas supplies in rubles

Russia supplies Türkiye with 26.000 billion cubic meters of gas per year

The president of Russia, Vladimir Putin, and his Turkish counterpart, Recep Tayyip Erdogan, agreed this Friday to establish in rubles payments for the supply of Russian gas during their meeting in Sochi.

“We are gradually moving to payment in national currency, and some supplies will already be paid for in Russian rubles. (…) This is a new stage that opens up new opportunities, including for the development of our monetary relations”, reported the Russian Deputy Prime Minister, Alexander Novak.

Moscow supplies Ankara with an estimated 26.000 billion cubic meters of gas a year.

At the meeting, the leaders discussed the construction of the Akkuyu nuclear power plant, which should start operating in 2023.

"Very important decisions have been reached today during the negotiations, which, in fact, take our relations in trade, in the economy, in almost all sectors, to a new level," Novak was quoted as saying. RT.

Russia and Turkey aspire to reach 100.000 million dollars in commercial exchanges.

In the joint statement released after the meeting, it is emphasized that both countries agreed to increase the volume of bilateral trade "in a balanced manner", as well as concrete steps to increase collaboration in transport, agriculture, industry, finance, tourism and construction.

After the Russian military operation in Ukraine, the European Union (EU) and other Western countries such as the United States applied sanctions to Moscow, which led Putin to sign a decree authorizing the ruble as the currency of payment for the Russian supply of gas.

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