Russia backs non-dollar trade with Turkey, no promise of help amid lira crisis

The Kremlin said that Russia favoured bilateral trade with all countries in their national currencies, rather than the dollar, but that the idea needed detailed work before being implemented.

“Options for liberalisation of mutual trade look possible. Russia is quite a capacious market for Turkish goods,” said Yaroslav Lissovolik, Program Director with Russia’s Valdai Discussion Club, a Moscow-based think-tank. 

“Such trade liberalisation would require time but it could support Turkey’s exports. We’ve already seen settlements in national currencies between Russia and the BRICS,” he said, referring to the bloc that also includes Brazil, India, China and South Africa.