Trade between Turkey and Russia is being disrupted by Western sanctions. This is a blow to an important supply channel for Moscow. This was reported by Bloomberg.


Machinery exporters, who have benefited the most from the growth of supplies to Russia, may cut their sales by $1 billion this year due to "unclear" and "rapidly growing" sanctions lists, as well as restrictions on goods with potential military use, said Kutlu Karavelioglu, chairman of the Machinery Exporters Association.


This accounts for a third of last year's sales to Russia, he said, adding that the biggest declines are currently in machine tools, pumps and electric motors.


"For any serious industrial equipment manufacturer, it seems impossible to maintain its previous interest in Russia in the face of increasing pressure on the banking system and supply chains," Karavelioglu said.


This is bad news for Turkish companies and the government's attempts to reduce the current account deficit. But it also shows that the US and EU sanctions against Russia are becoming more effective, even in non-member countries like Turkey.


According to preliminary data from the Turkish Ministry of Trade, exports to Russia in the first quarter fell by 33.7% compared to the previous year.