Erdogan confirms that Turkey will pay for Russian gas in rubles.

Photo source: Citizen Truth

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Turkish President Recep Tayyip Erdogan has confirmed that Russian gas supplies to Turkey will be paid in rubles, the Turkish press reports, as reported by France Presse and AGERPRES.

“A positive aspect of our visit to Sochi is our agreement with Mr. Putin regarding the ruble. God willing, our ruble exchanges will provide benefits to Turkey and Russia,” the Turkish head of state told reporters on board his return flight from Sochi (Russia), where he met with Russian President Vladimir Putin on Friday.

Vladimir Putin and Recep Erdogan talked for four hours in Sochi, on the Russian shore of the Black Sea, and the only official conclusion is that Russia and Turkey will strengthen their economic cooperation.

The leader from Ankara is the first official of a NATO country to visit Russia since the start of the war, that is, after February 24. The situation in Ukraine dominated the discussion agenda, but no official statements were made in this regard, according to Digi24.

Erdogan did not specify the volume of future transactions in rubles.

Russia has been trying for months to force its currency into international regulations against the euro and the dollar, amid unprecedented Western economic sanctions against Moscow over its invasion of Ukraine.

Although it quickly condemned the Russian offensive, Turkey opted for neutrality between the two countries and did not join Western sanctions against Moscow.

In 2021, Russia accounted for about a quarter of Turkey’s oil imports and 45% of its natural gas purchases.

Paying for Russian gas in rubles, even partially, could allow Turkey to keep from depleting its foreign exchange reserves in dollars.

According to economists, the Turkish government spent tens of billions of dollars last year trying to stem the collapse of the Turkish lira, which has lost nearly half its value in a year.

Erdogan and Putin pledged in Sochi to strengthen energy and economic cooperation.