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[[Stores in the Turkish city of Istanbul, once filled with Russian and Ukrainian shoppers, are now experiencing hard times because of the war in Ukraine. The ongoing conflict is also causing prices for food and fuel in Turkey to rise. VOA’s Behzod Muhammadiy reports from Istanbul.]]
Content TypePackage
LanguageEnglish
Transcript/Script
Ukraine Impact Turkish Business
HEADLINE: Istanbul Businesses Suffer Heavy Losses Because of Ukraine War TEASER:
PUBLISHED AT: 04/07/2022 at 8:51p.m.
BYLINE: Behzod Muhammadiy
CONTRIBUTOR:
DATELINE: Istanbul, Turkey
VIDEOGRAPHER: Behzod Muhammadiy
VIDEO EDITOR: Behzod Muhammadiy
SCRIPT EDITORS: KE(1st), BR
VIDEO SOURCE (S): VOA Original | VOA Uzbek Service
PLATFORMS (mark with X): WEB __ TV _x_ RADIO __
TRT: 2:32
VID APPROVED BY: Jepsen
TYPE: TVPKG
EDITOR NOTES:))
((INTRO))
[[Stores in the Turkish city of Istanbul, once filled with Russian and Ukrainian shoppers, are now experiencing hard times because of the war in Ukraine. The ongoing conflict is also causing prices for food and fuel in Turkey to rise. VOA’s Behzod Muhammadiy reports from Istanbul.]]
((NARRATOR))
The war in Ukraine is inflicting havoc on the global economy.
Turkey, which has close economic and trade ties with both warring nations, is feeling the strain.
The cost of food and fuel has skyrocketed. The national currency is still under pressure after several significant losses in recent months.
In Istanbul's Laleli district, the shops which are usually bustling with international traders and tourists are much quieter.
((Vehbi Aslan, Store Owner)) ((Male in Turkish))
"We had a lot of customers from Russia and Ukraine. We used to do very good business with them. But after the war, things got worse.”
((NARRATOR))
The textile industry, which is a vital part of Turkey’s economy, is particularly at risk. Industry representatives say Ukrainian and Russian traders canceled more than $200 million in textile and leather orders in the early weeks of the war.
Turkey’s trade with other European countries such as Belarus, Moldova, and Romania, as well as central Asian countries like Kazakhstan, Uzbekistan, and Tajikistan, has also been affected by the Ukrainian crisis.
Commodities sellers, such as gold merchants, are also suffering.
((Gabriel S., Brand Gold Seller)) ((Male in Turkish))
"Russians and Ukrainians made up 70 percent of our customers. Because of the war, Ukrainians are no longer coming; after all, they are leaving their lands. The Russians also stopped coming because of the ruble's depreciation. We lost 70 percent of our sales.”
((NARRATOR))
Meanwhile, refugees from Ukraine continue to flow into the country. According to Turkey’s Interior Ministry, nearly 60,000 Ukrainians have sought refuge in the country so far, while thousands of Russians have also entered Turkey since the conflict began.
That’s pushed up the cost of housing.
((Beknazar Rakhmatov, Easy Booking)) ((Male in Uzbek))
"Our countrymen are feeling the rise in prices. It used to be possible to find a rental apartment for $100-150 a month, but now it is $300-400.”
((NARRATOR))
With no end to the conflict in sight, Turkish business industry watchers is pessimistic.
((Gabriel S., Brand Gold)) ((Male in Turkish))
"Whether the war continues or not, the coming months will be difficult. Even if they say the war is over, given the devastation of Ukraine and the collapse of the Russian economy, the effects will continue for many years to come."
((Behzod Muhammadiy, VOA NEWS, Istanbul, Turkey))
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