PETER APPS: Erdogan and Putin meet as Turkey builds world’s largest nuclear plant with Russian money

London — As Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan meet in Sochi this Friday, up to 20,000 Russian and Turkish workers and specialists at Akkuyu on Turkey’s Mediterranean coast are pushing forward with what those behind the project say is the world’s largest atomic power construction site.

Recent years have seen a souring of Turkish-Western relations as Erdogan embraces a more idiosyncratic, independent and assertive foreign policy. Last month’s UN and Turkish-brokered deal to unblock grain shipments from Ukrainian Black Sea ports was a clear success for that policy, with Erdogan and foreign minister Mevlut Casvusoglu trading off their relatively good relations with both Moscow and Kyiv.

Even with the inflows of Russian cash this week, the lira dropped to its lowest level since a full-blown currency crisis in December 2021, having lost about a quarter of its value this year. The cost of insuring Turkish foreign currency debt in the credit default swaps market is also at an all-time high, as investors worry Ankara might follow Russia and Sri Lanka in failing to make repayments.

Russian-Turkish relations clearly remain complex, with both overt and more hidden posturing routine. In Tehran, Erdogan pointedly kept Putin waiting in front of reporters for several minutes at a joint appearance, mirroring a previous apparent similar snub to him on a visit to Moscow in 2020.

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