Turkey gives up dollars to pay for gas

Turkish President Recep Tayyip Erdogan planned to discuss paying for gas in currencies other than dollars with his Russian counterpart Vladimir Putin during a meeting in Tehran on Tuesday, Bloomberg wrote.

According to the agency, the two parties are now working on developing a proposal for commercial payments, including energy transactions, in local currency. This may allow Turkey to use the lira for energy imports, saving its foreign exchange reserves.

Any Turkish currency payments can subsequently be used by Moscow to finance the purchase of goods and services from Turkish suppliers.

Earlier, Erdogan said that Turkey expects Russia and Iran to support the national security process. According to him, Ankara plans to get rid of “malicious organizations” that threaten its security.

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