Bloomberg reported that during the Shanghai Cooperation Organization summit, Putin explained how Russia and Turkey will bypass the dollar by announcing that part of the cost of Russian gas exports to Turkey will be paid in rubles.
During a meeting with his Turkish counterpart, Recep Tayyip Erdogan, on Friday, Russian President Vladimir Putin announced that part of the cost for Russian gas exports to Turkey will be paid in rubles. The meeting happened in Samarkand, Uzbekistan, alongside the summit of the Shanghai Cooperation Organization (SCO).
“We are ready to significantly increase supplies to Turkey in all directions that are of interest [to the country]. Our agreement on natural gas supplies of Russian origin to Turkey with the payment of 25% of these supplies in Russian rubles will start working in the nearest future,” the Russian president stated.
Erdogan is reportedly planning to ask Putin for a 25% reduction on gas supplies, according to earlier reports. Erdogan reportedly plans to make it possible to pay for some of the delivery in Turkish liras, Bloomberg said, citing sources among top Turkish officials.