ICTMI – Turkey has deferred payment to Russia of a US$600 million natural gas bill to 2024 | Forexlive

This was reported first by Reuters on Wednesday, the news organisation cited two unnamed sources.

The background to this is that Turkish Energy Minister Fatih Donmez said last week that Turkey and Moscow agreed a deal allowing Ankara to defer energy payments up to a certain amount, but did not give details.

The result, according to the report:

• “Officially a payment worth $600 million has been postponed to next year. The increase in energy prices had a huge impact on this,” one of the sources with knowledge of the matter said.

• Under the terms of the agreement, up to $4 billion in Turkish energy payments to Russia may be postponed until next year
• The gas payments deal relieves some pressure on Turkey’s foreign reserves