Trade
Turkish Firm Eyes Ruble Swap to Ease Trade Squeezed by Sanctions
- Gas importer Bosphorus Gaz tests swap for Turkish exporters
- Traditional banks are wary of processing Russia-linked trades
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A Turkish gas trader is starting a currency exchange business to ease unsanctioned trade between Russia and Turkey, showing firms are finding creative ways around payment issues while creating lucrative opportunities for middlemen.
Under the program, Bosphorus Gaz Corp AS, Turkey’s second-biggest private importer of Russian natural gas, will pay Turkish exporters euros for the equivalent amount in rubles owed to them by their Russian customers, General Manager Bilgehan Ustundag told Bloomberg in an interview.