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The threat of Western sanctions has tripped up the recent uptick in Turkish-Russian economic cooperation, with two private Turkish banks halting the use of the Russian payment system Mir and three public banks under pressure to follow suit.
News of the two banks’ move added to turbulence at the Istanbul stock exchange, where an unprecedented rally in banking shares was followed by an equally head-spinning plunge last week, opening a new front of trouble for the struggling Turkish economy.
