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Russian Federation, bypassing sanctions, withdrew billions of dollars to Turkey for the construction of a nuclear power plant – Bloomberg

Russian state-owned company Rosatom is transferring money to a subsidiary building a $20 billion nuclear power plant on Turkey’s Mediterranean coast without fear that the project could be delayed by sanctions.

According to Ukrinform, the money went through sub-sanctioned Sberbank and Sovcombank, the agency claims. Bloomberg with reference to sources and a statement by the state corporation.

For example, Rosatom last week sent about $5 billion to a Turkish builder known as Akkuyu Nuclear JSC.

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The power plant is considered critical for Turkey when the country wants to meet its ever-increasing energy needs. This nuclear power plant can provide 10% of the country’s domestic electricity demand if all four reactors are operational.

Bloomberg writes that the project received funding from the largest Russian lender Sberbank, which fell under the sanctions of the United States and the European Union, as well as from Sovcombank, which is also under sanctions.

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But Rosatom, the sole owner of the Turkish project, and its subsidiary, which builds nuclear power plants, were not sanctioned. Russia will cover the cost of building the power plant over the next two years.

Bloomberg noted that the Russian Federation remains an important source of energy supplies for Turkey. It provided a quarter of Turkey’s crude oil imports and about 45% of its natural gas purchases last year, giving Moscow a huge bilateral trade surplus.

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Also, both countries are currently working on a mechanism that will allow Turkey to pay for part or all of energy purchases from the Russian Federation in lira.

Photo: Serkan Avci/Anadolu Agency/Getty Images

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