Turkey bows to pressure, cuts Russian bank ties

Turkey’s booming wartime trade with Moscow took a giant step back on Wednesday with confirmation that the last three banks still processing Russian card payments were pulling out under pressure from Washington.

The decision follows weeks of increasingly blunt warnings from the United States for NATO member Turkey to either limit its economic relations with Russia or face the threat of sanctions itself.

The US Treasury said last week that Turkish banks working with Russian Mir bank cards “risk supporting Russia’s efforts to evade US sanctions”.

Two private Turkish lenders that began processing Mir after Turkish President Recep Tayyip Erdogan met Russian counterpart Vladimir Putin in August suspended the transactions earlier this month.

But three state lenders — Halkbank, Vakifbank and Ziraatbank — still worked with the cards.