ANKARA, Sep 19 – PRIME. The central banks of Turkey and Russia will proceed to implement measures within the framework of an agreement on the transfer of part of Russian gas supplies into rubles, Turkish Minister of Energy and Natural Resources Fatih Donmez said.
He explained that switching to national currencies could incur costs associated with exchange rate differences.
“If one of the parties – the buyer or the seller – does not have money in dollars or euros, there will inevitably be costs associated with the exchange rate difference. We will get rid of this difference,” Yeni Şafak newspaper quoted the minister as saying.
According to him, in order to convert payments for gas into rubles, the Russian and Turkish regulators must be “in the scheme.” It is central banks that determine how buyer-supplier transactions will take place and what the exchange rate will be, Donmez explained.
Presidents of Russia and Turkey Vladimir Putin and Recep Tayyip Erdogan during the talks in Samarkand agreed to pay for 25% of Russian gas supplies to Turkey in rubles. In addition, the heads of the two countries expressed their intention to settle the problems with the construction of the Akkuyu nuclear power plant.
According to Donmez, the Turkish leader has been considering the idea of transferring settlements with partners to local currencies for several years.