Turkish exports to Russia have fallen sharply

After the introduction of sanctions against Turkish companies for trading with Russia, the volume of Turkish-Russian trade turnover decreased sharply. About it reports Bloomberg.

According to preliminary data from the Turkish Ministry of Trade, in the first quarter of the year, Turkish exports to Russia decreased by 33.7% compared to last year. The export of machine tools, electric motors and pumps has especially decreased. Car exports to Russia could fall by a billion dollars due to a “rapidly expanding list” of sanctioned companies and increased controls over the export of dual-use goods.

The European Union named Turkey, China and the United Arab Emirates among the main suppliers of goods and technologies prohibited for export to Russia. Last fall, the White House relied on the introduction of secondary sanctions in order to limit the export to Russia of goods that could be used by the Russian military-industrial complex. It is known that Washington has seriously warned countries that continue to actively trade with Russia about the consequences of violating sanctions. The result was the refusal of several Turkish and Chinese banks to work with Russian clients.

By February of this year, Western countries had imposed almost 18,000 sanctions against Russian companies and individuals, a number that had increased sixfold since the start of Russia’s open invasion of Ukraine. The authorities of Western countries are increasing control over the implementation of sanctions, especially with regard to the export of spare parts, semiconductors, and printed circuit boards to Russia, which can be used in the production of both military and household goods.