Putin & Erdogan discuss trade as Turkey agrees to pay in rubles for part of Russian gas

Russian President Vladimir Putin held a meeting with Turkish President Recep Tayyip Erdogan in Sochi. Putin and Erdogan discussed gas supply to Turkey and have agreed on ruble payment for part of Russian natural gas, Russian Deputy Prime Minister Alexander Novak said on Friday after talks between the two leaders, Sputnik reported. Novak stated that the part of the gas will be paid in Russian rubles in the first stage and called it a "new stage", including for "development of monetary and financial relations."

Russia supplies natural gas to Turkey through two major pipelines - Blue Stream and TurkStream. The pipelines, operating under the Black Sea, have a capacity of more than 46 billion cubic meters of gas per year. In 2021, Russia accounted for around 45% of Turkey's natural gas imports and the two nations want to expand their cooperation in the energy sector, as per the Sputnik report. Alexander Novak informed that Russian President Putin and his Turkish counterpart Erdogan have also made "big agreements" in the banking sector. He noted that "very important decisions" were made regarding trade and economy in nearly all sectors to a "new level." During the meeting in Sochi, Erdogan and Putin discussed a range of issues, including the situation in Ukraine and Syria as well as grain exports. 

Putin lauds efforts of Erdogan for resumption of Ukrainian grain exports

Ahead of the meeting, Putin lauded the efforts of Erdogan for the resumption of Ukrainian grain exports from ports of the Black Sea, according to the statement released on the Kremlin website. Notably, Ukraine and Russia agreed for a deal to resume the export of grains from Ukrainian ports. Meanwhile, Turkish President Recep Tayyip Erdogan emphasised that the delegations of Russia and Turkey have held a meeting and called their meetings "very productive." 

According to Erdogan, the delegations of Turkey and Russia discussed a range of issues, including economy and trade. Before his meeting with Putin, Erdogan called for focusing more on fighting terrorism and stressed that the steps taken by Turkey and Russia to counter-terrorism will help to strengthen ties between the two nations. He stated that 10% of Turkey's energy needs will be fulfilled by the Akkuyu Nuclear Power Plant and called it of "great importance." He said that work on the Akkuyu Nuclear Power Plant continues as per the schedule and it will be completed in time. 

Image: AP