Türkiye’s pro-Eurasian party argues for alternative payment system with Russia

Türkiye needs to develop alternatives to the SWIFT payment system to reduce dependency on Western financial structures in trade with Russia, said Orcun Gokturk, a member of the central decision-making committee of Türkiye’s pro-Eurasian Vatan (Homeland) Party, in an interview to RIA Novosti.

Call for independent financial infrastructure

Gokturk emphasized the need for Türkiye to avoid over-reliance on Western payment systems, highlighting the geopolitical shifts and increasing economic ties between Türkiye and Russia.

“President Erdogan’s focus on finding solutions not only reflects our trading relationship with Russia, but also signals a move towards financial systems independent of Western Dominance,” Gokturk said during the interview.

The issue of bank transfers between Türkiye and Russia is of utmost importance at a time of reshaping the global balance of power. As (Turkish) President Recep Tayyip Erdogan noted, joint efforts to find a solution point not only to the two countries’ trade relations but also to the development of systems alternative to Western financial hegemony. By reducing dependence on Western payment systems, BRICS can offer Eurasian countries the opportunity to utilize their resources for their own benefit.

In this context, the development of new financial and banking instruments can pave the way for broader Eurasian cooperation beyond the relations between Türkiye and Russia.

Orcun Gokturk

Increasing pressure on Turkish banks

Turkish Trade Minister Omer Bolat, recently stated that Türkiye expects reduced pressure on its banks from the U.S. under a second Trump administration. Due to fears of sanctions, Türkiye’s financial institutions are conducting stringent checks on transactions with Russia, even dealing with non-sanctioned entities, Finance Minister Mehmet Simsek noted.

The difficulties have led to complaints from both Turkish and Russian businesses, with reports of blocked transactions and account closures, according to Russian Ambassador Aleksei Erkhov.

Push for bilateral trade in local currencies

The Vatan Party analyst also pointed out the benefits of trading in national currencies. “Using local currencies for trade can free payment processes from Western financial constraints,” Gokturk argued, adding that existing swap agreements could be expanded to encourage further trade in local currencies.

He called for Türkiye to continue developing its financial payment infrastructure, which would also contribute to building a system less dependent on Western banking networks.

Existing swap agreements can be expanded to further encourage trade in local currencies. It is important to use alternative systems instead of the Western SWIFT system.

Türkiye, by developing its own financial payments infrastructure, will also play an important role in creating an infrastructure independent of Western banking systems

Orcun Gokturk

BRICS role in financial independence

Gokturk highlighted the role of BRICS in providing Eurasian countries with opportunities to utilize their resources independently.

“Reducing reliance on Western payment systems can pave the way for broader Eurasian cooperation, extending beyond bilateral relations with Russia,” he added.