Erdogan to convene meeting over Russia’s Mir payment system

Erdogan to convene meeting over Russia’s Mir payment system
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The meeting will focus on Western sanctions on Russia and the recent volatility in Turkish stocks

Turkey’s President Tayyip Erdogan will hold a top meeting on Friday with top officials who steer economical institutions which will focus on the Russian payment system Mir and Western sanctions on Russia, Reuters reported.+

On Tuesday, Turkish banks Isbank and Denizbank suspended use of Mir, amid US warnings to Turkish businesses over helping Russia to skirt sanctions, leaving three other banks who continue the transactions with Mir cards.

A US official said that the US administration expected more banks in Turkey to cut Mir as “it is one of the best ways to protect a bank from the sanctions risk that comes from doing business with Russia."

 Ankara opposes to Western sanctions on Russia and carries out a balanced approach in Russia-Ukraine war but recently has faced increasing critics from Western capitals particularly over financial deals with Russia.

Turkey’s exports to Russia have been breaking records since the War in Ukraine began in February and mystery capital attributed by some experts to Russian funds have reached new highs, allowing Turkish policymakers to boost foreign reserves despite a growing trade deficit.

Erdogan’s meeting on Friday will also assess recent heavy volatility on the Istanbul stock exchange and the general economic situation, sources told Reuters.