Energy
Russia, Turkey Discuss Gas Swap to Pay for Nuclear Plant
- Russia proposed using gas to cover Akkuyu construction costs
- Cross-border payments with Russia face increasing delays
Construction at the delayed Russian built Akkuyu nuclear power plant, in 2023.
Photographer: Ozan Kose/AFP/Getty ImagesThis article is for subscribers only.
Russia is in talks to use natural gas to pay for the construction of a nuclear power plant in Turkey, according to people in both countries with knowledge of the matter, as an alternative to cross-border transfers that are being held up by sanctions.
Russia proposed that Turkey take over some of the building costs of the $20 billion Akkuyu plant from state-run developer Rosatom, the people said, asking not to be identified as the talks are private. Rosatom would pay the equivalent amount in rubles to gas exporter Gazprom PJSC, which would in turn deduct it from Ankara’s monthly import bill for the fuel.