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Russia Sends Money to Turkey for 20 Billion Dollars Akkuyu Project

Officials speaking to Bloomberg said that Russia will send $15 billion in three weeks to Turkey for the Akkuyu nuclear power plant investment. Rosatom will use some of the incoming money for its due payments and keep the rest in Turkey for two years.

At the Akkuyu Nuclear Power Plant (NGS), the foundation of the fourth and last reactor of which was laid last week, there is a surprise money traffic between Russia and Turkey.

According to the news of Firat Kozok from Bloomberg, citing senior officials, the Russian State Atomic Energy Agency (Rosatom) has been transferring approximately $15 billion to Turkey in parts since last week for the current payments and expenditures to be made in the next two years.

After this news, there was fluctuation in the dollar / TL. The exchange rate, which was at 17.95 in the morning, regressed to 17.90 after falling to 17.76 with this news.

JEST FROM PUTIN TO ERDOGAN

According to the information given by senior officials, the final point in the negotiations carried out under the coordination of Treasury and Finance Minister Nureddin Nebati was set in the meetings between Russian President Vladimir Putin and President Recep Tayyip Erdogan.

One of the officials stated that Putin took part in the process to make a gesture to Erdogan because of his role as a mediator in the grain corridor.

15 BILLION DOLLARS IN THREE WEEKS

According to the information given by other officials, 5 billion dollars of the said money reached Turkey last week. The second part, worth $5 billion, is expected to arrive by the end of this week. The last episode will be in Turkey next week.

Rosatom will use some of the incoming money for its due payments and keep the rest in Turkey for two years.

DELAY CONCERNS RELIEVED

Rosatom’s move also alleviates concerns that sanctions against Russia for its invasion of Ukraine could cause delays in the Akkuyu project. No sanction has been imposed on Rosatom to date.

The Treasury and Finance Department did not comment on Bloomberg’s question on the matter. Akkuyu Nuclear A.Ş. did not respond to a response request via e-mail.

Rosatom, on the other hand, stated that the transactions for the Akkuyu project, although it is currently the largest construction among its counterparts in the whole world, are significantly below the 15 billion dollars mentioned by the Turkish side.

GTOTAL COST $20 BILLION

In the construction process, which started with the cooperation agreement signed between Russia and Turkey in 2010, it is planned to establish a nuclear power plant with four power units and a total installed power of 4800 MW.

Rosatom’s share in the project is 99 percent, and the total cost of the project is 20 billion dollars. It is aimed that the power plant will be operational by 2023 and the project will be completed in 2026.

When the power plant is fully operational, it will meet 10 percent of Turkey’s domestic demand.

After the ongoing trade talks in local currencies between Russia and Turkey for a while and then the money transfer for Akkuyu Nuclear, Erdogan and Putin will meet in Sochi on 5 August.

Source: Sozcu

Ece Nagihan

Hello, I'm Ece, I write food ingredients for Expat Guide Turkey every day. Don't forget to check it out!

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