Home Economy Novak: Putin agreed with Erdogan on gas supplies for rubles

Novak: Putin agreed with Erdogan on gas supplies for rubles

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Russia and Turkey agreed to partially pay for natural gas in rubles. On August 5, Deputy Prime Minister of the Russian Federation Alexander Novak told reporters about this.

This happened following the talks between the leaders of the two countries, Vladimir Putin and Recep Tayyip Erdogan, in Sochi.

“There was an important component, we discussed the supply of gas to the Republic of Turkey, which is supplied in a fairly large volume – 26 billion cubic meters annually. In the process of negotiations, the presidents agreed that we would begin partial gas supplies and pay in rubles,” Novak said.

He called the payment for gas in rubles a new stage in relations between Russia and Turkey.

“At the first stage, part of the supplies will be paid for in Russian rubles, this is indeed a new stage, new opportunities, including for the development of our monetary and financial relations,” the Deputy Prime Minister added.

Earlier that day, at around 15:00 Moscow time, narrow-format talks between Putin and Erdogan began. Prior to the event, the Russian president announced plans to sign a memorandum on the development of trade and economic ties between the two countries.

The Russian leader also called the Turkish Stream gas pipeline one of the most important routes for fuel supplies to Europe. He noted its serviceable and uninterrupted work.

The talks lasted a little over four hours, following which a joint statement was issued by the presidents. It says that Putin and Erdogan agreed to increase the volume of trade between the two countries and meet the expectations of the parties on energy issues.

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