Page 17 - TURKRptMar22

Rather than spending their energy on a world war in Europe, the assorted protagonists can go directly to Beijing and crown Xi Jinping the new global hegemon.
Crowded China has posed the biggest threat to the Russian empire throughout history, even if the global media loves to paint Russia and China as allies. The Russian empire was rather a US ally in the first two world wars.
Though, let’s not forget rationality in the Putin regime’s current mode is in question.
Since February 28, when sanctions on the Russian central bank became effective, markets have been shaky, this time for real reasons rather than the usual volatility opportunism.
Brent oil on March 7 saw $139. The FAO food price index broke record in February with 140.7. As of March 7, Bloomberg Commodity Index (BCOM) was up 52% y/y to 133.
Commodity prices make trouble for Turkey. And, some additional sanctions on Russia’s oil/gas imports will carry the price increases ahead of speculative moves in the financial markets.
In any case, with the current oil prices, Turkey will pay $5-10bn more for its energy imports this year.
24 Turkish ready-wear retailers active in Ukraine had to close their 267 stores. Turkish brands also have 655 stores in Russia. Textile exports to Russia ($287mn in 2021) and Ukraine ($173mn in 2021) do not have a significant share in Turkey’s exports.
17 TURKEY Country Report March 2022 www.intellinews.com