Tuesday, January 09, 2024

Turkey is Russia’s source for 13 percent of all products on which the West has imposed sanctions

I faintly remember, Turkey is still a NATO member! Perhaps this membership need to be suspended as long as Sultan Erdogan (age 69)  is still in office as he is trying to resurrect the Ottoman Empire! This is by far not the first time Erdogan violates NATO interests!

"Due to export restrictions imposed by the EU and other Western countries, Russia is lacking around one-third of products under sanction compared to the prewar period. China is Russia’s most important alternative country of origin for products under sanction: 61 percent of all products subject to sanctions come from China; in 2021, the proportion was only 35 percent. Turkey is Russia’s source for 13 percent of all products on which the West has imposed sanctions; in 2021, this figure was just under 3 percent. Russia is currently also purchasing a small proportion (around 1 percent) of all goods under sanction from Armenia. In the same period, exports from the EU to Armenia have doubled. “In the case of China, the increase in exports to Russia can at least partly be explained by stronger domestic production. When it comes to Turkey and Armenia, however, the sudden and sharp increase in exports to Russia suggests that sanctions are being circumvented,” Teti says."

ifo Institute / EconPol Europe: EU Exports to Russia Down to 37 Percent of Prewar Level | Press release | ifo Institute

No comments: