WSJ: Russia attempted to establish a "dollar offshore" in Turkey.

It is claimed that through "Gazprombank," which was not under U.S. sanctions at the time, the Russian side was able to transfer over $5 billion to an account at Turkey's largest bank, "Ziraat," officially as a loan for the construction of the Akkuyu nuclear power plant, with the mediation of two American banks—JPMorgan and Citigroup. The subsequent payment of $2 billion was blocked by JPMorgan at the insistence of the U.S. Treasury. The funds remain frozen. According to reports, U.S. authorities were prepared in 2024 to confiscate these assets, asserting that they were used to circumvent sanctions. However, this idea was abandoned due to concerns about damaging relations with Turkey. The article suggests, citing sources, that the current head of Turkey's intelligence services, Ibrahim Kalin, was involved in the described scheme.

A representative of the Russian corporation Rosatom, involved in the construction of the nuclear power plant, stated that all funds transferred to Turkey were indeed intended for construction. He acknowledged that part of the money was "unjustly frozen due to the intervention of third parties" and expressed hope for a resolution to this situation.

According to sources from the WSJ, officials at the U.S. Treasury believe that the money sent to Turkey was not for the construction of the nuclear power plant but rather as an "offshore dollar reserve" to finance projects by Russian authorities amid the freezing of Central Bank assets and other Western sanctions. It is alleged that the scheme was developed with the involvement of the highest-ranking Russian officials, including Central Bank head Elvira Nabiullina. The newspaper claims that the incentive for Turkey was the influx of dollars into its financial system.

Representatives from the Central Bank, "Gazprombank," and "Ziraat" did not respond to requests from the publication, which notes that Turkey, unlike other U.S. NATO allies, did not impose sanctions against Russia. Sanctions against Gazprombank were only introduced by the U.S. in November 2024, and Rosatom has yet to be placed on the sanctions list.

The Akkuyu nuclear power plant in southern Turkey is being constructed by a subsidiary of Rosatom. The commissioning of the first power unit is scheduled for 2025. In the summer of 2022, media reported on the signing of a loan agreement worth $9 billion between "Gazprombank" and the Turkish subsidiary of Rosatom. It is this agreement that WSJ claims was used to create the "dollar offshore."