Could the SPIEF boost the TurkStream flows?

Putin and Erdogan open TurkStream gas pipeline

The Saint Petersburg Economic Forum to be held in Russia on June 2-5 is the first post pandemic global event that is focused to gather international delegations from the U.S., Germany, Italy, China, South Asia and the Middle East.

With the Forum’s main focus on energy and sustainable development, Russia aims to boost international trade ties and attract investments to its economy. And Turkey could be among most prospective partners for Russia following the SPIEF ambitions. Today Ankara’s major interest is to provide permanent gas flows through the Turkish Stream. On the other side, Turkey, a NATO’s member, has been manipulated by the United States for years following Washington’ efforts to sign a deal with Ankara on U.S. natural compress gas (GNC).

However, the recent tensions between Biden and Erdogan on Ankara’s recognition of the atrocities committed against the Armenian people in 1915 as genocide as well as the recent criticism of Erdogan towards the U.S. on the Gaza-Israeli conflict have been a sore spot between the countries placing their further economic and political cooperation in question.

This explains why Turkey has been seeking a closer cooperation with Russia, Iran, Azerbaijan and Turkmenistan to support the Turkish Stream supplies. The pipeline, which transits the Black Sea, took five years to complete and is one of two major new natural-gas export routes totaling nearly $20 billion. Russia on its parts also expects to go on line this year and the SPIEF is likely to become a platform for developing further economic cooperation and trade ties between Turkey and Russia.