Russians established more than 1,300 firms in Turkey in 2022, a 670% increase from the previous year, according to a report by The Economic Policy Research Foundation of Turkey, a think tank.
The surge in new companies with Russian partners highlights Turkey’s growing appeal as a destination for Russian money after the war in Ukraine. Iranian-partnered firms came in second.
The trend mirrors the Turkish housing market, where Russians made up almost a quarter of all foreign property buyers last year.
World’s Hottest Housing Market Turkey Gets Boost From Russians
Turkish President Recep Tayyip Erdogan refrained from participating in Western sanctions against Russia over its invasion of Ukraine, making Turkey an attractive destination for investors seeking refuge from the sanctions, including oligarchs attempting to avoid potential asset seizures.
The US and the EU have criticized growing ties between Russia and Turkey, saying that rising exports to Russia from Turkey allow Moscow to circumvent sanctions.
Amid increased pressure from Western allies, Turkey withdrew from the Russian payments system Mir and stopped the transit of sanctioned goods to Russia.
Turkey Blocks Transit of Goods Sanctioned by EU, US to Russia
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