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    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

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    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

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    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

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    Trump congratulates Nigeria for Banning Twitter, says more countries should do same

    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    Federal Government declares June 6 and 9 public holidays

    Federal Government declares June 6 and 9 public holidays

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Sovereign Trust Insurance Plc grows Profit after tax by 43%  in Q1 2021

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    Legend Internet Plc reports N32.9 million profit for Q1 2025

    Legend Internet Plc reports N32.9 million profit for Q1 2025

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    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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    How Donald Trump won the 2024 U.S Presidential Election

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    Security features of the new naira notes revealed by the CBN

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Turkey and Russia sign MOU, to use Russian ruble as currency for trade

Sunday, 7 August 2022, 12:45 pm
in News, World
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Turkey and Russia sign MOU, to use Russian ruble as currency for trade
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On Saturday, 6th August 2022, a Memorandum of Understanding for a roadmap for trade and economic relations was signed between Russia and Turkey.

The MoU was signed in Sochi Russia, by the Trade Minister of Turkey and the Russian Deputy Prime Minister, Alexander Novak.

Read also; USA and India to hold Military drill near India’s disputed border with China

This was disclosed by the President of Turkey, Recep Tayyip Erdogan in Ankara upon his return from Sochi, where he met with Russian President Vladimir Putin.

Both countries also agreed to introduce the Russian ruble as a currency for bilateral trade, Erdogan said.

“We agreed on the ruble as a [monetary] unit in trade. Since we will conduct our trade in rubles, this will of course be a serious source of income for both Turkey and Russia. In addition, there is the ‘Mir’ card [Russian analogue of Visa]. Five of our banks currently accept it. There is very serious progress in this issue, which will ultimately improve conditions for tourists coming from Russia. They will be able to do shopping and pay for hotels,” Erdogan said.

President Erdogan also hinted without much details that while he was in Russia, the representatives of the Russian and Turkish central banks held talks on further enhancing mutual cooperation.

Speaking on the roadmap for economic cooperation, Erdogan said Turkey and Russia are contemplating the possibility of bringing bilateral trade between the two countries to $100 billion a year.

“During our bilateral meeting, we exchanged views on the further development of our trade and economic cooperation… Our goal in trade is $100 billion dollars. In this regard, we want to develop our cooperation in areas such as energy, trade, tourism and agriculture. We are determined to ensure a more balanced volume of bilateral trade.

On Friday, 5th August, Putin and Erdogan spent over four hours discussing on a broad range of issues, from Ukrainian grain exports and trade cooperation to Russian gas exports.

They agreed to “meet halfway” when it comes to the two countries’ needs in trade and energy, according to the joint statement. Following the talks, the Russian president praised the fact that trade volumes between Russia and Turkey are steadily growing, having soared by nearly 60% last year and doubling in the first five months of 2022.

In July, Russia and Ukraine signed a deal to allow for the safe export of grains and other food products from Ukraine. The deal was brokered by Turkey.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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