Turkish President Recep Tayyip Erdogan said he wanted the volume of trade between Turkey and Russia to “expand” during a telephone conversation on Sunday with his Russian counterpart Vladimir Putin.
“President Erdogan said he aims to increase cooperation between Turkey and Russia in many areas, including expanding the volume of trade,” the Turkish presidency said in a statement.
While quickly condemning the Russian offensive in Ukraine, Turkey opted for neutrality between the two countries and did not join Western sanctions against Moscow.
The Turkish president then justified this policy by Turkey’s strong dependence on Russian oil and gas.
Five Turkish companies were targeted with US sanctions in September 2023 for providing products and services to Russian defense companies.
In a letter sent in August 2022 to the Turkish business community, the US Deputy Secretary of the Treasury warned Turkish companies of an “increased risk” for them in the face of “Russia’s attempts to use Turkey to escape to sanctions.”
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