Turkey claims Russia is trading oil with IS: Report

Turkey has claimed Russia is trading oil with the Islamic State, countering Moscow’s claims that Turkey’s president was personally involved in deals with the terrorist group.

In a televised speech in Ankara Thursday, Turkey’s President Recep Tayyip Erdogan said he had “proof” of Russia’s involvement with the Islamic State, adding that he would “reveal it to the world,” according to newswire AFP.

Erdogan’s claims are the latest in the country’s war of words which have marred formerly friendly ties between the two nations after Turkey shot down a Russian fighter jet on the Syrian border on November 24, killing one of the two pilots on board.

Russia has gone so far as to accuse Erdogan’s family of personal involvement in an illegal oil trade with the Islamic State — the terrorist group which is now the target of both Western and Russian airstrikes in Syria.

“We know who are stuffing pockets in Turkey and letting terrorists prosper from the sale of oil they stole in Syria,” Putin said in a televised address to over 1,000 delegates of the Russian Federal Assembly Thursday morning.

“The terrorists are using these receipts to recruit mercenaries, buy weapons and plan inhuman terrorist attacks against Russian citizens and against people in France, Lebanon, Mali and other states,” he said.

Erdogan has denied the claims as “slander.”


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

Latest posts by Craig Erlam (see all)