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 managed 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. A subsequent payment of $2 billion was blocked by JPMorgan at the insistence of the U.S. Department of Justice. The funds remain frozen to this day. According to reports, U.S. authorities in 2024 were prepared to confiscate these funds, stating 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 Kalın, was involved in the described scheme.

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

According to sources from the WSJ, the U.S. Department of Justice believes that the money sent to Turkey was not intended for the construction of the nuclear power plant but rather as an "offshore dollar reserve" to finance projects for the Russian authorities amid the freezing of Central Bank assets and other Western sanctions. It is alleged that the highest-ranking Russian leaders, including Central Bank head Elvira Nabiullina, played a role in developing this scheme. 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" Bank did not respond to the publication's inquiries, 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, while Rosatom has yet to be included 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 reactor unit is scheduled for 2025. In the summer of 2022, media reported on the signing of a $9 billion loan agreement between "Gazprombank" and the Turkish subsidiary of Rosatom. According to WSJ, this agreement was used to create a "dollar offshore."