The number of companies opened by Russians in Turkey has grown eightfold in a year – Bloomberg

The US and EU have criticized the growing ties between Russia and Turkey.

In 2022, the Russians established more than 1,300 firms in Turkey / UNIAN photo, Sergey Nuzhnenko

Against the background of a full-scale Russian invasion of Ukraine and massive anti-Russian sanctions, a surge in the registration of companies by Russians has been recorded in Turkey.

Russians have established more than 1,300 firms in Turkey in 2022, up 670% from the previous year, according to a report by The Economic Policy Research Foundation of Turkey, Bloomberg reports.

As the material says, the growth in the number of new companies with Russian partners underlines the growing attractiveness of Turkey as a destination for Russian money after the war in Ukraine. Firms with Iranian partners ranked second.

This trend reflects the Turkish housing market, where Russians made up almost a quarter of all foreign property buyers last year.

Turkish President Recep Tayyip Erdogan has refrained from participating in Western sanctions against Russia over its invasion of Ukraine, making Turkey an attractive destination for investors seeking sanctions shelter, including oligarchs trying to avoid potential asset seizures.

The U.S. and the EU have criticized the growing ties between Russia and Turkey, saying that increased exports to Russia from Turkey allow Moscow to bypass sanctions.

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War in Ukraine and Turkey’s position

During the year of the war in Ukraine, Turkey has become one of the main routes for the supply of chips and microcircuits manufactured in the EU and other states to Russia.

In November 2022, Turkey began paying for Russian gas in rubles.

In January 2023, the United States warned the UAE and Turkey about the consequences of circumventing sanctions against the Russian Federation.

Since March 1, 2023, Turkey has ceased to be the main hub for circumventing anti-Russian sanctions.

On March 9, 2023, Turkey suddenly blocked the transit of sanctioned goods to Russia. After the visit of an American top diplomat to Ankara, Turkish customs suddenly remembered that it was illegal to circumvent sanctions.

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