Russian oligarchs can do business in Turkey if not against law: Foreign minister
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Mevlut Cavusoglu, Turkish Foreign Minister, stated Saturday that he would welcome Russian oligarchs to his country as tourists or investors. However business transactions must be within international law.
Turkey was in the news this week, with two superyachts worth multimillions of dollars arriving on its coast waters. reportedly belonging to Russian oligarch Roman Abramovich — quite literally circumnavigating Western sanctions.
Abramovich, who has each yacht worth at least $600m, is seen putting $1.2billion in the non-EU nation to help him move out of the reach of U.S., U.K., and EU governments that are targeting Russia’s elite. Turkey said it’s a legitimate move — so long as the yachts remain outside the territorial waters of sanctioning countries, which extend 12 nautical miles out from the coastline.
CNBC’s Hadley Gamble in Qatar at the Doha Forum spoke with Mevlut Cavasoglu, Turkish foreign minister. She stated that legal activity is essential for any type of activity.
“We apply U.N.-approved Sanctions, so any Russian citizens who want to visit Turkey, ofcourse, they can. “Now, Russians are visiting Turkey. That’s not a problem,” he stated.
Cavusoglu answered when Cavusoglu was asked if this meant that they could do business or invest in Turkey.
He added, “If it is contrary to international law that’s another matter.”
Mediator
Turkey strongly criticised Russia’s unprovoked invasion in Ukraine, and opposes any sanctions placed on it by NATO allies. This is due to Turkey’s strained relationship with its Western allies and diplomatic and financial ties to Russia.
Turkey has been a valued mediator and neutral in the talks between Russia, Ukraine. Mark Rutte, the Dutch prime minister, recently said that Turkey was doing everything it could. This has made Turkey a preferred destination for Russians who want to invest in a more hostile global market and preserve their wealth.
Cavusoglu attended the meeting of the Russian and Ukrainian foreign ministers, Sergei Lavrov, and Dmytro Kuneba in Antalya in March. These talks did not yield any concrete results.
Cavusoglu also visited Russia and Ukraine recently to meet with Kuleba and Lavrov. He told reporters there was “rapprochement between the positions of each side on important topics.”
Turkey and Russia have had close relations over many years. Turkey relies heavily on Russia for its defense, energy, trade and tourism. Moscow is also upset that Ankara sold drones in Kyiv.
Russian missile defense systems
—CNBC’s Karen Gilchrist contributed to this article.
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