While many NATO member states want less and less to do with Russia, NATO member Turkey is trying to strengthen ties with the country that is at war with Ukraine. And this is not without reason. Turkey desperately needs money and gas from Russia.
Even before the Russian invasion of Ukraine, Turkey was in a deep economic crisis. For example, inflation has soared to gigantic levels, the currency has collapsed, and President Recep Tayyip Erdoğan has tried to suppress inflation with reverse economic wisdom.
This caused the situation in which the country is now. Turkey needs large foreign investments to achieve economic growth, and there is enough money from Russia to fill that position. It’s no secret that Turkey is open to money from Russia. Turkish Foreign Minister Mevlut Cavusoglu said at the start of the war in Ukraine that sanctioned Russian oligarchs remain welcome in the country for both tourism and investment.
These investments have been in Turkey for a long time. For example, the Russian state-owned company Rosatum is building a $20 billion nuclear power plant on the coast of Turkey. And the Eurasian country would very much like the company to build another power plant. Russia is also important for Turkey’s energy supply. Russia supplied just under half of Turkey’s total 59 billion cubic meters of gas imported last year. Turkish President Recep Tayyip Erdogan has said that Turkey’s total energy bill could reach $100 billion by 2022. That’s double from last year.
But in these times of economic crisis, a $100 billion bill is very high for Turkey. The country therefore hopes for a reduction in gas imports of more than 25 percent. If such a discount cannot be obtained, Turkey will request deferment of payment for the gas supply.
The main source of income of Russian tourists
Besides its importance in Turkey’s energy infrastructure, Russia is also very important for Turkey’s tourism. In 2019, no less than 7 million Russians visited Turkey, especially the Mediterranean coast. Russians are therefore the most important population group for the tourism sector in Turkey.
With all these financial incentives, it is therefore good that Erdoğan has Russia on his side. He tries to do it partly by mediating during the war between Ukraine and Russia. For example, he has already shown his diplomatic ambitions by securing a grain deal. The fact that Turkey has not introduced sanctions against Russia also demonstrates the fragile position in which the Bosphorus country finds itself.
Source: BNR
Sharon Rock is an author and journalist who writes for 24 News Globe. She has a passion for learning about different cultures and understanding the complexities of the world. With a talent for explaining complex global issues in an accessible and engaging way, Sharon has become a respected voice in the field of world news journalism.
