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TURKEY: Gas Trader Offers FX Swaps for Exporters Affected by Russian Sanctions

TURKEY
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  • Bloomberg run a piece in which they report that Turkish gas trader Bosphorus Gaz Corp AS is starting a currency exchange business to ease unsanctioned trade between Russia and Turkey. Under the program, Turkey’s second-biggest private importer of Russian natural gas will pay Turkish exporters euros for the equivalent amount in rubles owed to them by their Russian customers. The company can then use those rubles to help pay for gas it buys under a long-term contract with Russia's Gazprom.
  • Russian Foreign Minister Sergey Lavrov has said that Russia is giving serious consideration to Turkey’s proposal for organizing peace talks with Ukraine and reviving the grain export agreement, Hurriyet report. "UN Secretary-General Antonio Guterres has expressed similar views, and all proposals are now under review by the relevant authorities," Lavrov added.
  • President Erdogan attends Organization of Turkic States summit in Kyrgyzstan. There are no major local data releases scheduled for today, with the presentation of the CBRT’s latest inflation report the highlight of the week on Friday.
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  • Bloomberg run a piece in which they report that Turkish gas trader Bosphorus Gaz Corp AS is starting a currency exchange business to ease unsanctioned trade between Russia and Turkey. Under the program, Turkey’s second-biggest private importer of Russian natural gas will pay Turkish exporters euros for the equivalent amount in rubles owed to them by their Russian customers. The company can then use those rubles to help pay for gas it buys under a long-term contract with Russia's Gazprom.
  • Russian Foreign Minister Sergey Lavrov has said that Russia is giving serious consideration to Turkey’s proposal for organizing peace talks with Ukraine and reviving the grain export agreement, Hurriyet report. "UN Secretary-General Antonio Guterres has expressed similar views, and all proposals are now under review by the relevant authorities," Lavrov added.
  • President Erdogan attends Organization of Turkic States summit in Kyrgyzstan. There are no major local data releases scheduled for today, with the presentation of the CBRT’s latest inflation report the highlight of the week on Friday.