Turkey and Russia seek a solution to the crisis created by the Mir payment system

Following the US sanctions threats, İşbank and Denizbank, which also operate in Russia, announced that they suspended the Russian payment system. While public banks continue to use this system, Rossiyskaya Gazeta, the official publication of the state in Russia, announced that President Tayyip Erdoğan and Russian President Vladimir Putin are pursuing a new initiative to overcome the problems experienced in Mir.


While the news that President Erdogan “instructed to develop alternatives to solve the current problem” echoed in Russia, the newspaper quoted the following assessment of “anonymous official of one of Russia’s 10 largest banks”: “Russian banks are in Turkey with the support of local financial authorities. can create its own subsidiary banks that perform exclusively clearing functions and are completely autonomous from the monetary systems of unfriendly countries.”

One of the names who evaluated the allegations, Russia expert Aydın Sezer, said that a new bank with Russian capital to be established in Turkey would be exempt from sanctions. Sezer said, “If this bank is established in Russia, it will be sanctioned, but it can be established in Turkey with Russian capital. After all, the embargoes in Russia are not as strict as Iran’s,” he said. Saying that there is an inflow of money from Russia to Turkey, Sezer drew attention to the following: “$3 billion inflows for Akkuyu through Ziraat Bank. It’s legal and risk-free. That’s why I think Ziraat should leave Mir. Because it would be bad if he could get such large sums of money legally, but incur a sanction because of Mir.”

Developments related to Mir are also closely monitoring tourism professionals. While the President of the Mediterranean Hoteliers Association, Erkan Yağcı, stated that there is still a reflection, Burhanettin Chile, the President of the Alanya Touristic Operators Association, emphasized: “We are not taking any action from Russia, it is at a very low level right now. But we still want it to be resolved as soon as possible, of course, we do not want the crisis to be reflected in the next season.”