Türkiye-Russia Trade Declines Amid Western Sanctions
By Fuad Shahbazov, Baku-based independent regional security and defence analyst
Türkiye’s Statistics Department reported in July that exports to Russia had shrunk by 28 percent from the previous year due to continuous pressure from US sanctions against Russia. The value of these exports reached only $4.16 billion in the first quarter of 2024, representing a decline from a peak of $5.80 billion the previous year. Imports surged in 2021 to a peak of $27.7 billion just before the outbreak of Russia’s war in Ukraine, and have since fallen, though they still remain far above 2020 levels. Since Russia’s invasion, the West has imposed harsh economic sanctions on the country to exert pressure on the country. Since then, however, Moscow has gone to enormous effort to circumvent those sanctions and maintain international trade. In this regard, Türkiye, a long-time Russian energy importer, has become an outlet for the Russian global economy. Turkish-Russian relations have fluctuated over the course of the war, as Türkiye tries to maintain a balanced position between the West and Russia, as well as with other regional players in the Middle East. READ MORE
| External Relations | The Caucasus and the Black Sea
