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Turkey virtually offers clearing system in trade payments to Russia — source

"It will become possible to change the situation in payments dramatically if BRICS member states are able to institutionalize and take a number of practical decisions in the area of interbank settlements," the source noted

ANKARA, October 25. /TASS/. Turkey virtually offers using a clearing system in bilateral trade and economic transactions to Russia amid Western sanctions against Moscow, a source in bank consulting in Ankara told TASS when commenting on respective statements made by Turkish President Recep Tayyip Erdogan at a meeting with his Russian counterpart Vladimir Putin in Kazan.

"The practice that the president spoke about, has virtually been used for many years in Iran, and it was also employed in Venezuela not long ago. It is actually something like an exchange, a swap. Each country compiles a list of certain export goods, the importer makes a payment to an accredited bank in its country, while the exporter receives it through clearing on a particular account," he said.

Meanwhile, "it will become possible to change the situation in payments dramatically if BRICS member states are able to institutionalize and take a number of practical decisions in the area of interbank settlements," the source noted.

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