Turkish Exporters Union says Russia’s SWIFT Ban will Boost Non-Dollar Trade

© Getty Images / Bloomberg Creative

Russia’s SWIFT ban will boost non-dollar trade, says Turkish exporters union

Severing the country from the global payment system is likely to expand trade in national currencies

Disconnecting Russian banks from the SWIFT payment system will boost trade between Russia and Turkey in the two countries’ national currencies, according to the Turkish Exporters’ Assembly.

“Despite sanctions and restrictions [against Russia], Turkish lira exports increased by almost 100% in February this year,” the National Union of Turkish Exporters said on Friday, as cited by the TASS news agency.

The organization said the SWIFT ban would have no impact on the supply of Turkish agricultural products to Russia, although payment delays were possible.READ MORE: Turkey may use ruble for Russia trade – media

Russia and Turkey signed an agreement on settlements and payments in national currencies in October 2019. Turkey is expected to expand its infrastructure to accept electronic transfers via Mir, the Russian alternative to SWIFT, and to connect its banks and businesses to the analog financial messaging system of the Central Bank of Russia, to provide an alternative to Visa and MasterCard, which are currently restricted from use in Russia.

In February, Russia was challenged with a wave of consolidated sanctions from the US and its Western allies. Among other penalties imposed on the country over its military operation in Ukraine, its financial system, energy exports, and forex reserves have been targeted. Seven Russian banks have been severed from SWIFT, effectively denying them access to international markets.

Source: RT


If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we’ll forward your request to the author.

All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.

Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.

Copyright © 2021 Dinar Chronicles


Please enter your comment!
Please enter your name here