Five of Turkey's banks have begun using Russia's Mir payments system, raising concerns that it could be used to skirt sanctions. Russian tourists will be able to pay for their purchases in Turkey with the help of Mir card payments.
According to Turkey's Anadolu Agency, the adoption of the system that will allow Russians in Turkey to pay for their purchases is progressing very fast.
Turkey will pay for some Russian natural gas in ruble, according to the president.
Three weeks after they met in Iran, the Turkish leader met with the Russian leader. According to the Financial Times, some Western officials are worried about the growing relationship between Turkey and the US and are thinking about ways to punish Turkey. The media outlet said there had been no official talks about it.
Turkey is one of the top trading partners of Russia, but has not imposed sanctions or closed its airspace to Russia. Turkey needs all the help it can get.
Turkey's economy grew at a slower rate than a year ago, but is beset by high inflation. The Turkish Lira has lost 50% of its value against the US dollar. The reserves of the country's central bank got a $3 billion boost last week after Russia's state-owned nuclear company transferred money to a Turkish subsidiary.
Turkish officials and bankers were warned not to use Russian money as a channel in June.
7 million Russian tourists are expected to visit Turkey in the year 2019.