Turkey’s exports to Russia grew 46 per cent by value over the past three months compared with the same period last year as Ankara allowed its companies to step into the gap created by an exodus of western businesses.

From May to July, Turkish exports to Russia were worth $2.04bn, $642mn higher than in those same months in 2021, according to export data compiled by the trade ministry and the Turkish Statistical Institute. For last month alone, the value of exports to Russia increased 75 per cent year on year, from $417mn in July 2021 to $730mn.

The $313mn rise between July 2021 and July 2022 was the largest for any country that Turkey exports to. Russia’s share of Turkey’s total exports in July was 3.9 per cent, up from 2.6 per cent 12 months earlier.