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Turkey Looks to Ditch Dollar in Payments for Russian Energy

  • Turkish officials say the nations are considering using lira
  • Agreement could help slow decline in Turkish foreign reserves
Recep Tayyip Erdogan 

Recep Tayyip Erdogan 

Photographer: Valeria Mongelli/Bloomberg

Turkey’s President Recep Tayyip Erdogan will discuss paying for Russian energy imports with currencies other than the US dollar when he meets his Russian counterpart, Vladimir Putin, in Tehran on Tuesday, according to Turkish officials familiar with the matter.

The two countries have been working on a proposal for local-currency trade payments, including for energy deals, a move that would help the government in Ankara slow the decline in its sovereign reserves, the officials said.