Turkish Russians competing to open a bank account to protect their savings from sanctions

Russians who have left their country and emigrated to Turkey are competing to open bank accounts to avoid the sanctions imposed by Western countries following Moscow’s invasion of Ukraine.

according to Local report, Demand from Russian citizens trying to open a bank account in Turkey has increased significantly in recent weeks, and experts believe that demand will increase as more sanctions are imposed on the Kremlin. I am.

The central bank of Russia has temporarily suspended remittances abroad to prevent the withdrawal of funds due to the sanctions imposed on the country.

Banks also $ 10,000 limit The amount that can be withdrawn from a citizen’s foreign currency account by September 9. Anything above this can be withdrawn in rubles at the market rate on the withdrawal date.

Many Russians have arrived in Turkey and neighboring Georgia and Armenia in recent weeks to avoid the need for forced military service and in fear that sanctions could worsen the Russian economy. did.

While others have simply lost their jobs or are financially struggling in the face of the country’s financial hardship, others cite Russia’s opposition to the invasion of Ukraine by President Vladimir Putin as the reason for his resignation.

The European Union, the United Kingdom, the United States and Canada have closed airspace to Russian airlines as the invasion continues, but Turkey, which is not officially part of the EU, is still one of its major partners. Not closed.

Meanwhile, Western nations have given Russia a series of sanctions on the oligarchs, which have close ties to Putin, as well as the country’s energy and transport sector and its export control and visa policies.

When asked if it was Turkey on March 13th— —Turkey’s Foreign Minister Mevrut Kabsoguru declined to join Western nations to impose sanctions on Russia, although it has built close ties with Russia to find a political solution to the war in Syria. Russian state news agency Tass..

“We believe that sanctions do not solve the problem,” said Cavusoglu.

Epoch Times Photo
Russian Foreign Minister Sergeĭ Viklov will attend a meeting with Turkish counterparts in Moscow on March 16, 2022. (Via Maxim Shemetov / AFP, Getty Images)
Anti-war protest
People were detained during anti-war protests after Russia invaded Ukraine on March 6, 2022 in Yekaterinburg, Russia. (Distribution via Reuters)

At Antalya’s diplomatic forum, Kabsoguru cites Turkish airspace as an example: “We do not have the authority to close the airspace in accordance with the Montreux Convention. This is a legal obligation.”

Meanwhile, Turkey’s President Recep Tayyip Erdogan has continued diplomatic efforts to escalate the conflict in Ukraine and has called on both sides to reach an agreement on a ceasefire.

Ankara also continues to send humanitarian aid to Kyiv, demonstrating its support for Ukraine’s territorial integrity and sovereignty.

Given their neutral attitude towards Turkey’s aggression, Russians who normally visit Turkey during the summer vacation are flocking to Turkey to stay indefinitely.

In recent weeks, dozens of Russians have joined many foreign groups living in big cities such as Istanbul and Ankara, seeking help and guidance from locals, from getting a residence permit to opening a bank account. ..

Tim Ash, Senior Emerging Markets Strategist at BlueBay Asset Management in London, said: Ahval (Emirati-funded online news website reporting only on Turkey) Western countries need a “clear approach to Turkey to succeed in separating Russia from funding flows, markets and trade” It states.

“It is clear that Russia uses Turkey, and it does,” Ash said, adding that the West needs to make it clear to Turkey that breaking sanctions has consequences.

Despite the actions of the Turkish government, Mr Ash said he believes that most financial institutions in Turkey, especially private banks, “take seriously the Western sanctions warning.”

“They are very professional, have strong risk management and understand the consequences of being involved in breaking Western sanctions,” Ash said of Turkey’s private bank. “But at the limits, some people try to avoid sanctions. They need to be encouraged to comply with them.”

Turkey, a NATO member that shares maritime boundaries with Ukraine and Russia in the Black Sea, is not the only country in which the number of Russians seeking to open bank accounts is increasing.

The Moscow branch of China’s national bank is also seeing a surge in inquiries from Russian companies wanting to open new accounts, Reuters report.

Catabella Roberts


Katabella Roberts is a reporter currently based in Turkey. She focuses primarily on the United States and covers the news and business of The Epoch Times.