Western sanctions on Russia might cut its foreign trade flows: Central Bank

ANKARA

Western sanctions on Russia might decrease its exports and imports as they target "not only Russian companies but also businesses from friendly states," according to the Russian Central Bank on Friday.

"Russian companies continue to search for solutions to minimize the adverse consequences of the sanctions and are actively expanding transactions in the eastward direction," the bank said in its Financial Stability Review for the fourth quarter of 2023 and the first quarter of 2024.

The new restrictions "enacted by unfriendly countries" during these two quarters have made logistics and cross-border payments more complicated, the bank added.