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Russian Sovereign Wealth Fund looks to invest in Turkey

Russian Sovereign Wealth Fund looks to invest in Turkey

Putin said Moscow would gradually phase out sanctions against Ankara, imposed after the Turks shot down a Russian fighter jet near the Syrian border nine months ago, and that bringing ties to their pre-crisis level was the priority. The reboot with Russian Federation comes at a time when Turkey's relationship with its North Atlantic Treaty Organisation allies in the West is under strain, amid criticism of Ankara's post-coup crackdown and tough negotiations with the European Union over a deal on migration. Russian President Vladimir Putin (R) meets with his Turkish counterpart Recep Tayyip Erdogan in St. Petersburg, Russia, on August 9, 2016. Speaking at a news conference with Russian President Vladimir Putin, Erdogan said their talks had been "comprehensive and beneficial" and that Putin's phone call to him after last month's failed coup "meant a lot psychologically". Mr Putin said Russian Federation would lift economic sanctions from Turkey and seek a "common approach" with Ankara to a Syrian conflict on which their positions have clashed. It is also Erdogan's first state trip overseas since the attempted coup in Turkey in July. Erdogan's trip is being closely watched in the West where some fear his growing detente with Moscow could affect his links with North Atlantic Treaty Organisation, of which Turkey is a member. He also said it was too early to say whether political transition in Syria was now possible. Regarding the long-awaited missile defense system, Cavusoglu said that Turkey first sought cooperation with North Atlantic Treaty Organisation countries; however, so far the results were unsatisfactory. The RDIF was established in 2011 under president and prime minister of the Russian Federation, which attracted over $27 billion of foreign capital into the Russian economy through long-term strategic partnerships, according to the fund's website. The EU largely offered criticism of Erdogan's response in the wake of a failed coup attempt in July. "We have discussed major joint projects in the fields of energy whose resumption require political decisions", Putin said. While Moscow has backed Syrian President Bashar Assad throughout the nation's civil war and further bolstered that support by launching an air campaign last September, Turkey has pushed for Mr Assad's removal. The head of the opposition Syrian National Coalition welcomed the meeting. Announced by Putin in December 2014 during a visit to Ankara, the Turkish Stream plans to carry Russian gas via the Black Sea and Turkey to southeastern Europe. "We are building a strong mechanism with Russian Federation regarding Syria", Cavusoglu said.

published in Aug 14, 2016

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