Turkish lira to be used in energy trade: Minister

ANKARA

Turkey will launch trading with energy provider countries in the local currency, Energy Minister Berat Albayrak said Thursday.

"Turkey, especially in energy policies in the new period, will launch trading in national currency to the those countries with which Turkey sets up a huge energy volume,” Albayrak told parliament during budget talks.

Albayrak's remarks follow those of President Recep Tayyip Erdogan who offered trade with Russia, China and Iran in local currencies, stressing the importance of using national currencies in foreign trade.

Albayrak said Turkey has begun the work on transitioning to the Turkish lira in natural gas trade with Russia.

Russia is one of the biggest natural gas providers to Turkey which is 55 percent dependent on Russian gas as compared to 30-40 percent ratio for EU countries.