In 2022, the Russians set up more than 1,300 companies in Turkey. Such data is provided by Bloomberg with reference to the analytical center The Economic Policy Research Foundation of Turkey. This is 670% more than the previous year.

In 2022, the number of companies opened by Russians in Turkey increased by 670%

This trend can be seen in the Turkish real estate market, where almost 25% of all purchases were made by Russians. Owning real estate makes it easier to obtain a residence or citizenship permit. In addition, this fact allows you to develop your business more efficiently.

Turkish President Recep Tayyip Erdogan’s refusal to join sanctions against Russia has made the country one of the most attractive locations for investors trying to circumvent sanctions restrictions, the newspaper writes. In particular, this applies to the Russian oligarchs, Bloomberg notes.

At the beginning of the year, the Union of Chambers and Commodity Exchanges of Turkey reported data on the number of companies opened in 2022 with the participation of foreign capital. Most of these organizations were created by citizens of the Russian Federation.

In March, it was reported that Turkey, without warning, stopped the transit of sanctioned goods to Russia, which were supplied under the parallel import scheme. Shipping resumed later.

The relocation trend has also had an impact on other neighboring countries. Over the past year, about 2.5 thousand legal entities have been opened in Armenia with participants from Russia, as well as 4 thousand individual entrepreneurs.

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Natalia Gormaleva

Source: RB

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I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.


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