Published: Fri, August 17, 2018
Markets | By Otis Pena

Turkey, Russia agree on partial lifting of visas

Turkey, Russia agree on partial lifting of visas

The U.S. dollar's role as a global currency is in decline and Russia has been exploring for some time using national currencies to settle bilateral trade deals with Turkey and other countries, Russian Foreign Minister Sergei Lavrov said.

Turkey and the USA are now experiencing rocky relations following Washington's imposition of sanctions on two government ministers who "played leading roles in the arrest and detention" of American pastor Andrew Brunson, who faces terrorism-related charges in Turkey.

Brunson is at the center of a diplomatic spat between North Atlantic Treaty Organisation allies Turkey and the United States, which has helped trigger a Turkish currency crisis.

Lavrov noted that United States sanctions, including those against Turkey, undermine all principles of global trade. The United States slapped financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey over his continued detention.

The U.S. Congress also passed a bill prohibiting the sale of F-35 jets to Turkey pending a review assessing the possible risk associated with Ankara's purchase of the S-400 air defense system.

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Last week United Nations humanitarian adviser Jan Egeland said that Turkey, Russia and Iran had all agreed to "do their utmost to avoid" a battle in Idlib.

On Monday, the Kremlin said that Russian Federation favored bilateral trade with all countries in their national currencies, rather than the dollar, but that the idea needed detailed work before being implemented. The summit focusing on Syria and the wider region will be held in Istanbul on September 7.

"If the USA wants to continue being a reputable country, it can not do so with these impositions", he said, referring to the sanctions.

Turkey has come to the point of seeking new allies, according to Burhanettin Duran, coordinator of Foundation for Political, Economic and Social Research (SETA). "The U.S.is having the same attitude towards not only to Turkey but also to China, Russia, Iran and Venezuela", he said, noting that this perspective introduces a new world order. He said the Assad government has a right to defend itself against opposition attacks and Moscow will support those operations.

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