Bloomberg: Following Hungary, Turkey is asking the Russian Federation to postpone payments for gas

The Hungarian energy company MVM agreed with Russiaʼs Gazprom to postpone gas supply payments for three years. Now Turkey is also asking for such a service.

Bloomberg writes about this with reference to sources familiar with the situation.

According to the publication, the Turkish state energy importer Boru Hatlarile Petrol Tasima AS seeks to postpone part of the payments until 2024. However, the countries have not yet concluded a corresponding agreement.

Turkeyʼs high dependence on imported energy sources puts pressure on its currency and budget.

The Turkish lira has depreciated more than 28% against the dollar in 2022, the worst performance in emerging markets.

Recently, Turkish President Recep Erdogan said that he discussed gas prices with Putin and hopes to get a discount.

At the same time, Hungary postponed payment to itself from €3.5 billion to €4.5 billion.

"Thanks to this agreement, the forint received a protective umbrella. This can help stabilize the exchange rate of the forint, as payments must be made after three years," Minister Marton Nagy said.