Number of companies established in Turkey with Russian partnership skyrocket in March-April period

The Russians, fleeing the sanctions have flocked to Turkey.  According to TOBB data, the number of companies established in Turkey with a Russian partnership has increased by five fold in March – April, compared to the same period last year.

There is a giant increase in the number of Russian-owned companies established in Turkey, while tough economic sanctions are being imposed against Russia on the grounds of the invasion of Ukraine.

According to the data of the Union of Chambers and Commodity Exchanges of Turkey (TOBB), the number of companies established in Turkey with a Russian partnership in March April 2022, increased from 39 to 200, corresponding to a five-fold increase compared to the same period last year. In April 2021, the number of Russian-owned companies established in Turkey was 21, while this number increased to 136 in April 2022.

WHAT SECTORS DO THESE COMPANIES PREFER?

April January-April, the Russians invested TL 113.8 million in 8 construction companies established. Construction has attracted attention as the most prominent sector in companies established as Russian partners.

The wholesale and retail trade sector was also the other sector that stood out with 121 companies and a capital of TL 53.6 million.