Russian companies are faced with the closure of accounts in Turkish banks, and individuals who want to open a bank card face tougher requirements, they said (https://www.vedomosti.ru/economics/articles/2024/02/01/1017833-turetskie- banki-nachali-zakrivat-scheta-rossiiskim-kompaniyam) Vedomosti business owners, financial advisors and representatives of business associations.
Since the end of last year, Turkish banks began to suspend payments related to Russia, Bloomberg and Kommersant reported. According to Vedomosti’s interviewees, settlements are still frozen. Moreover, if previously the restrictions included companies under sanctions, now this has extended to almost everyone.
Until December, Turkey had “two non-discriminatory and two semi-discriminatory banks” in terms of working with Russia, according to Vedomosti’s source. The first category was threatened with inclusion in the American SDN list (Specially Designated Nationals List – a list of sanctioned persons). After that, they closed the correspondent accounts of a significant part of companies and Russian banks. “Semi-discriminate” banks also began to break off relations, but mainly with those who became clients after the start of the war in Ukraine, the publication’s source claims.
“Companies have begun to be advised to complete transactions with the bank and close the account. This applies primarily to businesses that used Turkey as a transit jurisdiction for payments and deliveries, as well as oil and gas traders,” says international payments consultant Iskander Mirgalimov. Also, according to him, Turkish banks are tightening the conditions for opening accounts for individuals – if earlier cards were issued to everyone, now there is a requirement for new clients to maintain high deposit balances.
[The Moscow Times]
