Turkish banks refuse transactions with Russia and Belarus

Almost all banks seek to transfer these operations to one local institution — Emlak Katılım.

This is due to concerns about sanctions and restrictions. Banks that do not have foreign partners refund dollar and euro payments for transactions with Russian and Belarusian companies and advise customers to contact Emlak Katılım to make payments in Turkish lira.

Emlak Katılım is the only bank in Turkey that carries out trade transactions in the Russian ruble/Turkish lira pair. Commissions for such transactions are high (5-6%), but customers are willing to pay for them, since the complexity of compliance in other banks is much higher.

All Turkish banks require companies from Russia and Belarus, as well as companies trading with them and Western counterparties, to document the nature of export transactions and their compliance with current rules.

In addition, there are companies in Turkey created by Russian and Turkish businessmen for trade between the two countries. These firms can apply to local banks without foreign partners, where the compliance process is easier.