As major Turkish exporters and buyers of Russian oil felt the impact of sanctions, hotels in Turkey have now begun to experience difficulties with bank payments from Russia, according to The Moscow Times.
Reports suggest that hotels are unable to receive payments for guests’ accommodation, with transfers arriving with significant delays or even bouncing back.
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Serdar Uskuplu, the deputy head of the Turkish party Vatan, said: “Our hotels cannot receive payment for accommodation from Russia.”
Uskuplu warned that if the sanctions against Russia persist, Turkey’s tourism industry could face significant challenges, potentially resulting in “huge losses” for tens of thousands of entrepreneurs.
Turkey remains a key destination for outbound Russian tourism, with over 6 million trips made by Russian citizens to the country last year alone.
Turkish businesses are under increasing pressure from the West, with entrepreneurs engaged in trade with Russia facing the risk of being blacklisted by the United States.
Reports indicate that Turkish banks began to block payments from Russia starting January 2024. This has led to a virtual halt in payment flows for trade operations, with transactions involving national currencies such as liras or rubles from Russia no longer being accepted by Turkish banks.
Some banks have gone as far as canceling previously approved transactions, citing the involvement of goods under sanctions. The payment blockade has impacted various sectors, including Turkish chemical companies, auto parts factories, and clothing and footwear manufacturers.
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These challenges emerged shortly after US Secretary of State Antony Blinken visited Turkey, during which discussions on “sanctions and export controls” took place with the head of the Turkish Ministry of Foreign Affairs, Hakan Fidan, along with discussions on potential strategies to navigate these challenges.
The European Union recently introduced its 13th package of sanctions against Russia, targeting 106 individuals and 88 legal entities deemed responsible for actions undermining the territorial integrity and sovereignty of Ukraine.
Meanwhile, the United States implemented a comprehensive package of sanctions against Russia in response to the conflict in Ukraine and the tragic death of Russian opposition leader Alexei Navalny.
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