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Russian investors flocked to Turkiye in 2022 following Western sanctions

March 22, 2023 at 9:43 am

Turkish President Recep Tayyip Erdogan [Emin Sansar – Anadolu Agency]

Russian investors established more than 1,300 companies in Turkiye in 2022, a significant increase from the previous year, a new report has revealed.

Issued by the Economic Policy Research Foundation of Turkiye (TEPAV) the report indicated that the increase in Russian companies was a 670 per cent increase compared to 2021.

The surge in new commercial facilities launched by Russian investors highlights Turkiye’s growing attractiveness as a preferred destination for Russian capital since the beginning of the war in Ukraine, according to Bloomberg.

Russians are interested in the real estate market in Turkiye, as data showed that they accounted for a quarter of foreign property purchases in 2022.

Turkish President Recep Tayyip Erdogan refused to impose sanctions on Russia following its invasion of Ukraine, which made Turkiye an attractive destination for investors looking for safe havens for their money away from Western sanctions imposed by the EU and US.

Turkiye’s exports to Russia rose to $9.3 billion in 2022 from $5.8 billion in 2021.

The US and EU criticise the growing relations between Russia and Turkiye, considering them a means through which Russians could bypass Western sanctions.

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