Türkiye's largest state-owned bank stops opening accounts in roubles

The Turkish state-owned bank Ziraat, which has the most assets in the country, refuses to conduct operations in Russian roubles.

Source: Russian state-owned news agency RIA Novosti, writes The Moscow Times 

Details: According to the publication, Ziraat stopped opening accounts in roubles without explanation and instead offered customers with existing accounts the option of converting Russian currency into Turkish lira.

Russians conducting business in Türkiye explain that customers had been able to carry out transactions in roubles if they had a residence permit or a document granting the right to work or study in Türkiye. However, now they are having difficulties opening accounts in Russian currency.

According to agency sources, other Turkish state banks follow a policy similar to Ziraat's.

Following the tightening of sanctions imposed by the US Department of the Treasury, Turkish banks' lira operations with Russia ceased.

Background: Russian imports will fall in 2024 due to issues with cross-border payments and logistical challenges caused by Western sanctions.

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