Trade finance for transactions with Turkey could be restricted amidst mounting alarm in western capitals over Ankara’s deepening ties with Moscow forged last week when Turkish President Recep Tayyip Erdogan met his Russian counterpart, Vladimir Putin.

The leaders agreed to boost cooperation in trade and energy as well as in the financial, transport, agriculture and construction sectors, they said in a joint statement after a four-hour meeting in the Russian resort city of Sochi last week. They also agreed to switch part of Turkey’s payments for Russian gas to roubles, Russian Deputy Prime Minister Alexander Novak told reporters after the talks.

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