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In a surprising turn of events, Turkey’s leading economic policymakers are making an unannounced visit to Russia, accompanied by President Tayyip Erdogan. The primary agenda for this visit is centered around discussions with Russian President Vladimir Putin regarding Black Sea grain exports, as reported by an anonymous Turkish official.
Finance Minister Mehmet Simsek and Hafize Gaye Erkan, who assumed their roles in June with a mandate to shift towards more orthodox economic policies, are set to participate in crucial meetings in the Russian Black Sea resort of Sochi. This sudden trip has raised questions and speculation about the topics that will be on the table, as no prior official announcement had been made regarding their travel plans. The Central Bank, when approached for comment, declined to provide any insights into the visit.
The most anticipated meeting of this visit will occur later today when President Erdogan sits down with President Putin. One of Erdogan’s main objectives is to persuade Putin to re-enter into a grain-export deal with Ukraine, a deal Moscow withdrew from in July. Turkey, a NATO member, has established strong ties with both Moscow and Kyiv. It has consistently voiced opposition to Russia’s invasion of Ukraine, while simultaneously advocating for economic cooperation with Russia and opposing Western sanctions imposed on Moscow. This dynamic has evolved since the initial invasion early last year, further highlighting Turkey’s role as a diplomatic intermediary between the conflicting parties.
As the world watches closely, the outcome of these high-stakes talks could have far-reaching implications for regional economic dynamics and diplomatic relations.
