Turkey’s Foreign Minister Mevlut Cavusoglu said on Saturday that he would welcome sanctioned Russian oligarchs to his country both as tourists and as investors, as long as all business dealings were kept within the framework of international law.
Turkey’s coastal waters took the limelight this week when two multimillion-dollar superyachts reportedly owned by Russian oligarch Roman Abramovich arrived – literally dodging Western sanctions.
Solaris, a superyacht linked to sanctioned Russian oligarch Roman Abramovich, docks at a marina in Bodrum, southwest Turkey, March 21, 2022.
Iha | via Reuters
Each worth an estimated $600 million or more, Abramovich is seen stationing $1.2 billion in the non-EU country to keep his fortune out of the reach of the US, UK and EU governments who are targeting Russia’s wealthy elite. Turkey said it was a legitimate move – as long as the yachts remain outside the sanctioning countries’ territorial waters, which stretch 12 nautical miles from the coast.
Speaking to CNBC’s Hadley Gamble at the Doha Forum in Qatar, Turkey’s Foreign Minister Mevlut Cavusoglu said any activity must be legal.
“We are implementing UN-approved sanctions, so Russian citizens who want to visit Turkey can of course visit Turkey. Now Russians come to visit Turkey, it’s not a problem,” he said.
When asked if this extends to investments and business, Cavusoglu replied: “So if you think that these oligarchs can do business in Turkey, then of course I will consider whether it is legal and not against international law,” said he called.
“If it violates international law, that’s a different story,” he added.
mediator
Turkey has sharply criticized Russia’s unprovoked invasion of Ukraine, but rejects sanctions from its NATO allies in principle. Given its diplomatic and economic ties with Russia, particularly with regard to Russian gas imports, and its at times volatile relationship with Western partners, this is unlikely to change any time soon.
Turkey has positioned itself as a neutral and valued mediator in Russia-Ukraine talks, with Dutch Prime Minister Mark Rutte recently praising the country for “doing everything it can do”. That has made it a destination of choice for Russians looking to preserve their wealth and make investments in an increasingly inhospitable global market.
Cavusoglu was present when the foreign ministers of Russia and Ukraine, Sergey Lavrov and Dmytro Kuleba, met in the Turkish resort of Antalya in early March. These discussions did not lead to clear results.
Cavusoglu has also more recently traveled to Russia and Ukraine to speak with both Lavrov and Kuleba, telling reporters that there had been “convergence in the positions of both sides on important issues.”
Turkey has forged close ties with Russia over the years in areas such as defence, energy and trade, and also relies on tourism from the country. But Ankara has also sold drones to Kyiv, which has angered Moscow.
Russian missile defense systems
— CNBC’s Karen Gilchrist contributed to this article.