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Erdogan Returns from Putin Talks

TURKEY
  • Citing state-run Tass news service, Bloomberg reports that Turkish leader Erdogan and Russian President Putin pledged deeper economic cooperation and “trusting relations” between the two countries in a pursuit of regional and international stability after a conference in Sochi on Friday. In Moscow, Erdogan is seen as a potential go-between in the conflict, according to two people familiar with the Kremlin’s thinking.
  • Returning from talks with Putin, Erdogan said that five Turkish banks have adopted Russia’s Mir payments system. Turkey’s state-run Anadolu Agency cites Erdogan in saying that payment in rubles will be a source of financial support for both countries. The two leaders also agreed to pay partially in rubles for deliveries of natural gas. Turkey imports 25% of its crude oil and 45% of its natural gas from Russia. Russia has also been a source of foreign-exchange liquidity after the transfer of billions of dollars to a Turkish subsidiary to fund completion of a nuclear power plant.
  • Sector representatives have cited raw material supply, high commodity prices and problems in accessing finance as reasons for decreasing export orders, Dunya reports. Exporters will, however, try to compensate for the losses by gaining new markets and value-added exports.
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