• Russia accounted for about a quarter of Turkey’s oil imports and 45 percent of its natural gas purchases last year.
• Avoiding paying for the gas in dollars helps Turkey protect its dwindling hard currency reserves.
• The United States and European Union are trying to pressure Russia’s energy clients from switching to ruble payments.

President Recep Tayyip Erdogan has confirmed that some of Turkey’s natural gas imports from Russia will start being paid for in rubles.

After more than four hours of talks in Sochi between Erdogan and Russian President Vladimir Putin, the news was first shared by Moscow late Friday night.

As a response to Russia’s invasion of Ukraine in February, the US is leading efforts around the world to put economic sanctions on Russia.

But NATO member Turkey has tried to remain neutral in the conflict because of its heavy dependence on Russian energy.

Russia accounted for about a quarter of Turkey’s oil imports and 45 percent of its natural gas purchases last year.

“As Turkey, our door is open to everyone,” Erdogan was quoted Saturday as telling Turkish reporters on his flight home from Sochi.

“One good thing about this Sochi visit is that we agreed on the ruble with Mr. Putin,” Erdogan said.

“Since we will conduct this trade in rubles, it will of course bring money to Turkey and Russia.”

Neither Erdogan nor Russian officials have said what portion of the gas will be covered by ruble payments.

Avoiding paying for the gas in dollars helps Turkey protect its dwindling hard currency reserves.

The Turkish government is reported to have spent tens of billions of dollars in the past year trying to prop up the lira against steep declines during its latest economic crisis.

The lira has still lost 55 percent of its value against the dollar and consumer prices have soared by 80 percent in the past 12 months.

The crisis has complicated Erdogan’s path to a third decade in power in elections due by next July.

The United States and European Union are trying to pressure Russia’s energy clients from switching to ruble payments to limit Moscow’s ability to wage its war against Ukraine.

Ruble payments assist Russia in avoiding dollar transaction restrictions imposed by the United States on global banks.

Turkey has refused to join the sanctions regime against Russia, instead urging Moscow and Kiev to hold truce talks.

In Sochi, Erdogan and Putin agreed to expand economic cooperation in areas such as banking and industry.

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