Turkey suspends £5.6 billion trade with Israel amid Gaza tensions

Authorities in Ankara confirmed on Thursday that they suspended all trade with Israel. In 2023, trade turnover between the two countries amounted to roughly £5.6 billion. However, the statement did not specify whether Ankara's decision would affect the export of Azerbaijani oil to Israel through the Turkish port of Ceyhan.

The Turkish Ministry of Trade announced Thursday evening that "Export and import transactions in relation to Israel have been stopped, covering all products."

Earlier, Bloomberg agency reported the halt of trade, citing sources from Turkish government circles.

"Turkey will strictly and decisively implement these new measures until the Israeli government allows an uninterrupted and sufficient flow of humanitarian aid to Gaza," the Turkish ministry emphasized in a statement.

However, it still did not specify whether Ankara's decision would affect the export of Azerbaijani oil to Israel through the Turkish port of Ceyhan.

In 2023, trade turnover between the two countries amounted to roughly £5.6 billion.

Israeli Foreign Minister Israel Katz said earlier on Thursday that Turkish President Recep Tayyip Erdogan is "breaking agreements by blocking ports for Israeli imports and exports."

Katz instructed officials to immediately "create alternatives for trade with Turkey, focusing on local production and imports from other countries."

Katz promised, "Israel will emerge with a strong and daring economy." He added, "We Win, and They Lose."

In April, the Times of Israel recalled, Turkey announced trade restrictions with Israel in response to the war waged by Israel against the terrorist organization Hamas in the Gaza Strip. The restrictions covered 54 products, including cement, steel, aluminium, and iron structures.