According to Bloomberg article published on March 20, 2023, Russians established more than 1,300 firms in Türkiye in 2022, a 670% increase from the previous year, according to a report by The Economic Policy Research Foundation of Türkiye, a think tank.
The surge in new companies with Russian partners highlights Türkiye’s growing appeal as a destination for Russian money after the war in Ukraine. Iranian-partnered firms came in second.
The trend mirrors the Turkish housing market, where Russians made up almost a quarter of all foreign property buyers last year.
Turkish President Recep Tayyip Erdogan refrained from participating in Western sanctions against Russia over its invasion of Ukraine, making Türkiye an attractive destination for investors seeking refuge from the sanctions, including oligarchs attempting to avoid potential asset seizures.
The US and the EU have criticized growing ties between Russia and Türkiye, saying that rising exports to Russia from Türkiye allow Moscow to circumvent sanctions.
Amid increased pressure from Western allies, Türkiye withdrew from the Russian payments system Mir and stopped the transit of sanctioned goods to Russia.
