Putin speaks to Turkey counterpart Erdogan, discusses enhancing trade & energy ties

Russian President Vladimir Putin held talks with Turkish counterpart Recep Tayyip Erdogan on Saturday, September 3. During the telephonic conversation, the two leaders reaffirmed their commitment to enhancing trade and economic ties, which includes promoting joint projects in energy. Erdogan and Putin also spoke about the situation in Ukraine, grain export, and the Zaporizhzhia nuclear power plant. 

"They reaffirmed their commitment to expand trade and economic relations, including promoting joint strategic projects in energy," according to the statement released by Kremlin on Telegram. 

During the telephonic conversation, Erdogan stressed that Turkey can play the role of facilitator in the Zaporizhzhia nuclear power plant issue. He highlighted the role of Turkey in grain exports from Ukrainian ports, according to the statement released by Turkey President's office.

Moreover, the two leaders talked about the progress of the cooperation between Russia and Turkey in the agreements signed between two nations in Sochi on August 5. Both sides agreed to hold further discussions during the Shanghai Cooperation Organisation’s Summit due to be held on September 15-16. Turkish President Recep Tayyip Erdogan also offered his condolences over the death of former Soviet leader Mikhail Gorbachev. Erdogan lauded the contribution of Mikhail Gorbachev to the contemporary history of Russia and the world. 

"President Erdogan stated that Turkey can play a facilitating role in the Zaporizhzhia nuclear power plant, as it in the grain deal," according to the statement released by Turkey President's office. 

Russian banking sector faced loss of 1.5 trillion rubles: Dmitry Tulin 

The talks between Putin and Erdogan come at a time when the US and its allies continue to impose sanctions against Russia for launching an offensive in Ukraine. So far, the European Union has imposed a number of packages of sanctions against Russia, including targeted restrictive measures, economic sanctions, and diplomatic measures. According to the EU, the sanctions have been imposed to weaken the Kremlin's ability to fund the war.

A top official at Russia's Central Bank has highlighted the loss faced by Russia's war in Ukraine. Dmitry Tulin, the First Deputy Chairman of Russia's Central Bank, has said that the Russian banking sector suffered a loss of 1.5 trillion rubles (Rs 19,83,71,84,01,000) in the first half of 2022, RBC reported.

As per the report, the Russian banking sector witnessed losses for the first time in seven years. The losses faced by the Russian banking sector come amid the ongoing war between Russia and Ukraine and anti-Russia sanctions.

Meanwhile, G7 Finance Ministers reaffirmed their commitment to stop Russia from profiting from its offensive. On September 2, the G7 leaders agreed to finalise and implement a "comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally." The leaders stressed that the provision of these services would be permitted if the oil and petroleum products are purchased at or below the price (the price cap) determined by the countries to implement price cap. 

Image: AP