Currency converter
All news
News Search Topics
Use filter
You can filter your feed,
by choosing only interesting

Russian government may allow certain Turkish developers to continue work in Russia — media

January 15, 2016, 11:39 UTC+3 MOSCOW

According to one official, easing of requirements may concern contracts on construction projects for 2018 FIFA World Cup, which will be held in Russia

1 pages in this article
© Mitya Aleshkovskiy/ITAR-TASS

MOSCOW, January 15. /TASS/. Russia’s federal government may ease sanctions against construction firms set up by Turkish nationals, which have operations in the country, Kommersant business daily reported on Friday with reference to a federal official who said big contracting companies may be allowed to stay in the Russian Federation provided that they set up joint ventures with Russian partners owning not less than 75% plus one share.

According to another federal official, companies applying for commercial and public contracts tied up after November 30, 2015, will have to set up such JVs. Restrictions on Turkish business are implied by a presidential decree. Russia imposed sanctions against Turkey after a Turkish fighter jet shot down a Russian Su-24 bomber over Syria in 2015.

Easing of requirements may concern contracts on construction projects for 2018 FIFA World Cup, which will be held in Russia, one of the officials said, adding that Turkish companies are mainly subcontracting suppliers for construction of sporting, infrastructure and hotel venues.

According to one of the sources, mechanisms on setting up joint ventures between Turkish developers and Russian partners haven’t been documented yet. This will be possible after a draft government decree developed by Russia’s Economic Development Ministry is signed, which outlines the rules for selecting contracts fulfilled by Turkish subcontracting suppliers in Russia, which are not sanctioned. On Thursday the ministry published a draft decree, which says sanctions will not cover Turkish companies fulfilling contracts, discharge of which may cause default on internal or external liabilities. This matches 2018 FIFA World Cup venues, the source added. In end-2015 Russian officials made up a list of companies eligible for employing Turkish nationals, among them big Turkish developers Enka, Renaissance Construction, Ant Yapi.

Show more
In other media
Partner News