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South Caucasus Region

Türkiye-Russia Trade Declines Amid Western Sanctions

Recep Tayyip Erdoğan and Vladimir Putin

Executive Summary:

  • Trade between Russia and Türkiye has dropped significantly in 2024 due to Western sanctions, indicating a weakening economic partnership as Russia’s war in Ukraine continues to isolate it from global partners.
  • Ankara is increasingly aligning with Western powers, as evidenced by the postponement of Russian President Vladimir Putin’s visits to Ankara. This is straining Turkish-Russian relations.
  • Türkiye remains a key importer of Russian energy, despite improving ties with the West, with a notable increase in fuel imports and its participation in re-exporting Russian oil products to Europe.