Russia is turning to Turkey and other potential new trading partners as it tries to circumvent Western sanctions that are starting to bite even deeper into its economy following its invasion of Ukraine.
A Russian proposal intercepted ahead of the meeting indicates Russia hopes Turkey will agree to new channels to help it avoid those restrictions on its banking, energy and industrial sectors.
The official, who spoke on the condition of anonymity to discuss a sensitive diplomatic meeting, noted that Turkey is “the only NATO ally that both Ukraine and Russia speak with and trust. That is why no other country has been able to bring together the two foreign ministers or official delegations.
“It’s clear things are going to get tougher and tougher,” said Maxim Mironov, professor of finance at the IE Business School in Madrid. The announcement this week that one of the main auto plants of state-owned AvtoVAZ would reduce its workforce Russian state official, speaking on the condition of anonymity because of fear of retribution. Yet Chinese banks have balked at taking on that role because of the risk of secondary sanctions. And despite the country’s increasing imports of Russian oil and gas, it cannot replace all of Russia’s equipment needs.
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