Russian businesses are flocking to Turkey, report shows

21 March, 09:36 PM
The flag of Turkey (Photo:Sevgi001461 / pixabay)

The flag of Turkey (Photo:Sevgi001461 / pixabay)

Over 2022, Russian citizens registered more than 1,300 new business entities in Turkey, which is 670% more than in 2021, Bloomberg reported on March 21, citing data from the Economic Policy Research Foundation of Turkey.

Russian citizens also have become the main buyers of Turkish real estate and transferred vast amounts of money from Russia to Turkey.

According to Bloomberg, the war in Ukraine has effectively turned Turkey into a safe haven for Russian money. Excessive economic activity of Russian citizens and authorities in Turkey has attracted attention of Western officials, who have been putting pressure on Ankara since mid-summer 2022 to enforce sanctions against Moscow.

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Following that pressure, Turkish authorities had to refuse to work with the Russian payment system Mir. At the moment, the main focus of Western countries is aimed at preventing the re-export of sanctioned goods to Russia.

On March 20, Reuters reported that starting March 1, Turkey stopped the transit of sanctioned goods to Russia.

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