BRICS: A Lifeline For Russian-Turkish Economic Cooperation?

Turkey finds itself at a strategic crossroads today, torn between its historical alliances with the West and its growing ambition to integrate into new international dynamics. Seeking to diversify its partnerships and break free from the constraints imposed by its traditional allies, Ankara has shown a clear desire to join the BRICS, a bloc of emerging economies that challenges the world economic order dominated by Western powers. This decision, supported by Moscow, comes at a critical moment when Western sanctions against Russia are exerting unprecedented pressure on Russo-Turkish trade relations. Caught between Moscow and Washington, Turkey is navigating troubled waters, desperately trying to maintain a delicate balance between its economic interests and the hardening geopolitical realities.

Increased Banking Surveillance: A Dilemma for Ankara between Moscow and Washington

Turkey is showing a marked desire to join the BRICS, this group of emerging economies that positions itself as a counterbalance to Western influence. This strategic move is part of a dynamic of diversifying alliances, as Ankara seeks to balance its relations between East and West, while freeing itself from exclusive dependence on traditional partners like NATO and the European Union. Supported by Russia, this candidacy comes nevertheless in a context of growing tensions, fueled by the Western economic sanctions targeting Moscow, which directly impact Russo-Turkish trade relations.

These sanctions, aimed at intensifying the economic isolation of Russia, exert unprecedented pressure on Turkish banks, subjected to increased surveillance by the United States. Every transfer of funds between Turkey and Russia is now subject to rigorous scrutiny. An unprecedented situation that threatens commercial exchanges that could reach 55 billion dollars this year according to President Erdoğan. Caught between the need to maintain its economic relations with Moscow and complying with international restrictions, finds itself in a very complex dilemma.

Cooperation between Turkey and Russia in Peril

Beyond financial sanctions, it is the entire commercial cooperation between Russia and Turkey that is threatened. According to Alexey Erkhov, the Russian Ambassador to Ankara, the Western sanctions explicitly aim to destroy the economic relations between the two countries. Concrete measures, such as blocked fund transfers and closed accounts for Russian citizens in Turkey, already illustrate the tangible effects of this pressure. This situation is not unique to Turkey, China, another ally of Russia, also faces similar restrictions, particularly regarding the payments of dual-use products. This financial trust crisis could have considerable repercussions on strategic sectors such as energy and heavy industry, crucial areas for both nations.

In the face of this uncertainty, Ankara finds itself in a delicate position. If the disruptions persist without a quick solution, the impacts could be prolonged, perhaps marking the beginning of a deeper economic rupture between Russia and Turkey. Turkish diplomacy, which often aims to mediate in international conflicts, could also come out weakened. Nevertheless, Turkey’s potential admission to the BRICS could reshape the landscape, offering an alternative platform to offset the economic and strategic losses caused by Western sanctions, while strengthening its balancing posture on the global geopolitical chessboard.