After facing various sanctions from the West including its global payment system, Russia is trying to rise up by encouraging other countries to use the 'Mir' system to facilitate payments.
Mir, is a payment system for electronic funds transfer established by the central bank of Russia under the law adopted on May 1, 2017.
As a result, 5 banks from Turkey have adopted the system where according to Turkish President Recep Tayyip Erdogan, it will be a source of financial support for both countries.
In a meeting between Erdogan and President Vladimir Putin in the Black Sea resort of Sochi, the two leaders agreed to start moving to partial payments in rubles for natural gas deliveries.
Although Turkey has voiced its opposition to Russia's invasion of Ukraine, it has refrained from joining the United States and Europe's sanctions against Moscow.
It also continues to import energy from Russia which provided a quarter of its crude oil imports and around 45% of its natural gas shipments last year.
This shows that Turkey is still continuing its relations with Russia in the interest of the country that is struggling with economic uncertainty.
The development and implementation of the Mir system was triggered by the implementation of international sanctions against Russia in 2014.
In fact, the withdrawal of MasterCard and Visa from the Russian market following the invasion of Ukraine has seen a sharp increase in the use of the Mir payment system.
