Investors and simple individuals benefit from new agreements to carry out their ruble transactions.
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Real estate agent in Harbiye, a district of the European shore of Istanbul, Mustafa serves his hands. “In recent times, I have seen a lot of Russian customers who want to buy goods. As they can neither travel nor invest in Europe because of the sanctions, they are looking for opportunities in Turkey. I tell them that they are welcome” , he explains.
Since the start of the Russian invasion in Ukraine, Turkey has attracted more and more Russians in search of investments. These are currently the first foreign buyers of real estate in the country. According to the Statistics Agency, between February and June 2022, nearly 5,000 Russians have acquired properties throughout the country, including 1,275 for the month of June.
This rush is explained by the fact that any foreigner who invests or buy a property of an amount of more than $ 400,000 (388,000 euros) is in return assigning Turkish nationality. A facility that should allow investors to move their financial activities from Russia, heavily sanctioned, to Turkey, perfectly connected to the global financial system and to the Western value chains. “Some buy goods to obtain the Turkish passport, in order to then create their business in Turkey and to trade with Russia,” confirms Mustafa serves, who sees “only good” in this arrival of capital.
Unlike its Western allies, Ankara does not apply the sanctions imposed in Moscow, on which it depends in particular for its energy supplies. Trade continues and gas circulates in the two gas pipelines, Turkstream and Blue Stream, connected to Russia. The Turkish Airlines company provides many flights from the Russian Federation and several oligarchs have their yachts to anchor in Mediterranean ports.
Diplomatic success
Among them, Roman Abramovitch, reputed to be close to Vladimir Putin, seems to have taken up residence in Istanbul after having participated, on the Russian side, in the wheat negotiations that held there on July 22. His presence confirms the growing interest manifested by businessmen close to the Kremlin towards Turkey, its industry, its banks, its logistics. Already, “an increase in transit expeditions to Russia is noted not only by the sea but also by the land, air and railway tracks”, notes the daily Dünya in its online edition of August 4.
While the global container transport giants have interrupted their expeditions to this country, Turkish companies have taken over. The containers from Asia or Europe arrive in Istanbul, Mersin or Izmir and are then reached towards the Russian port of Novorossia, in the Black Sea, through Turkish transport companies (Medkon, Akkon, Fesco).
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