From Russia, with love

TURKEY - Report 08 Aug 2022 by Murat Ucer and Atilla Yesilada

Over the last two weeks, news flow from Russia has been the subject of much attention and controversy in Turkey. Market attention on the “Russian news pipeline” began with an article in Bloomberg heralding cash transfers from Rosatom to Turkey for the construction expenses of Akkuyu nuclear reactor.

Rosatom raising money in capital markets for the same reason added to the attention. President Erdogan came back from Sochi summit with Putin announcing that part of the natural gas (NG) trade will be conducted in rubles. Immediately, Turkish pundits began speculating about Russian wealth being funneled to Turkey, as the Financial Times (FT) and Washington Post reported “rising concerns” in Western capitals about Turkey being used for sanctions breaking.

So far, the news flow had minimal impact on the financial markets, notably the currency, but it is clear that the Erdogan regime intends to milk Russia and the Russian angle for all its worth to bolster CBRT reserves and to finance next year’s elections.

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