Türkiye Eyes $100 Billion Trade with Russia if Peace Talks Succeed

The Turkish business community is closely watching the outcome of the ongoing Russia-Ukraine peace talks in Istanbul, hoping for a breakthrough that could accelerate trade relations between Türkiye and Russia, according to a senior industry official.

Speaking to Anadolu Agency from the KazanForum in Russia, Izzet Ekmekçibaşı, Chairperson of the Türkiye-Russia Business Council at DEIK (Foreign Economic Relations Board), said that if diplomacy prevails, the two countries could double their bilateral trade volume to $100 billion within two years.

Optimism Amid Sanctions and War

“By the end of 2024, Türkiye-Russia trade hit $53 billion,” Ekmekçibaşı noted. “Given our strong ties and mutual industrial capacities, reaching $100 billion is realistic—but contingent on a peaceful resolution.”

He acknowledged that while Turkish companies remain active in Russia, particularly in petrochemicals, automotive, and manufacturing, some firms remain cautious due to Western sanctions against Moscow.

Still, he expressed hope that positive results from the Istanbul peace talks could lead to “significant improvement in Türkiye-Russia relations.”

Turkish Firms Still Active in Russian Markets

Ekmekçibaşı highlighted Russia’s dominance in oil and petrochemical infrastructure and said Turkish firms continue to invest in the region, despite current geopolitical challenges.

He was speaking from Kazan, where Türkiye is participating in the Russia-Islamic World: KazanForum. “This year, six Turkish companies joined the event,” he said. “We hope to increase participation in the future, depending on geopolitical clarity.”

DEIK Committed to Strengthening Bilateral Trade

The Türkiye-Russia Business Council, under DEIK, continues to act as a bridge between businesses, facilitating commercial partnerships, investment forums, and trade fairs.

“Regardless of political uncertainties, our goal remains to expand business ties, and we’re working hard to connect firms from both sides,” Ekmekçibaşı added.

Strategic Trade Ambitions

Türkiye and Russia are already critical trading partners, particularly in energy, tourism, construction, and agriculture. In recent years, Türkiye has also imported large volumes of natural gas and crude oil from Russia, while exporting machinery, textiles, and food products.

Industry analysts say that if diplomatic normalization occurs and global sanctions ease, a $100 billion trade volume by 2026 could be achievable—marking one of the largest non-Western bilateral trade expansions in the region.

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