ANKARA, February 16. /TASS/. The Russian Embassy in Ankara confirmed the existence of serious problems with bank transfers between Russia and Turkey, and bilateral work is underway to resolve the situation, Russian Ambassador to Ankara Alexey Erkhov told TASS.

"We confirm the existence of major problems with bank transfers affecting Russian and Turkish participants in foreign business activity. The necessary work to overcome the issues that have emerged is being conducted at the bilateral level. There is progress in some cases, and in others the situation remains incredibly challenging," the diplomat stated.

Earlier, a source in the Turkish banking industry confirmed to TASS that problems with money transfers from Russia to Turkey, which have been occurring since the beginning of the year, were due to regulatory measures implemented by the US Treasury Department's Office of Foreign Assets Control (OFAC).