Hardships in Russia's financial settlements with Turkey, which arose due to Washington's pressure on Ankara, could lead to a reduction in bilateral trade turnover and a partial reorientation of the Russian Federation to other markets, Sergei Katyrin, President of the Russian Chamber of Commerce and Industry, told RIA Novosti.

A number of private banks in Turkey have closed accounts of Russian companies, due to unprecedented pressure from the United States in connection with sanctions, a source in the country's banking sector told RIA Novosti earlier on Thursday.

“Difficulties in settlements with Turkey, which arose due to pressure on Ankara from Washington, could lead to a reduction in bilateral trade turnover and a partial reorientation to other markets, including China,” said the head of the Russian Chamber of Commerce and Industry.

At the same time, he added that cooperation with China in the context of the situation in the Red Sea implies an increase in logistics costs due to an increase in the cost of shipping and insurance.
“For the Russian market, the consequences may be the following: an increase in the cost of goods, delays in deliveries, a possible shortage of certain products due to the restructuring of global supply chains,” Katyrin noted.