No payment issue creates problem for Russian visitors in Turkey

Saturday, April 30, 2022

Turkey is keen to improve its tourism revenue and take it to the pre-pandemic levels in 2022. The country is also interested to revitalize its crisis-hit economy after going through a massive crash in currency wiped half the value of the lira.

That’s more easily talked about than put into practise because Turkey depends heavily on Russian energy, trade and tourism. The trade volume in 2019 between the two countries reached $26.3 billion as Russia is one of the main energy suppliers for Turkey as well.

On principle, the NATO member Turkey oppositions Western sanctions on Russia. It hasn’t joined them. Turkey is keen to maintain affable relations with Russia as well as Ukraine in the middle of an intensifying monetary crisis at home with inflation hitting a 20-year high via rising energy and grain costs.

For this reason, tourism revenues at this juncture are considered vital in reducing the gaping current account deficit, however limits on card payments and flight operations have perked up anxieties of a slump in Russian tourism to Turkey. However, Turkey might have found a solution.

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