ISTANBUL—Turkey and Russia are stitching their economies more tightly together, heightening concerns among the U.S. and its allies that the burgeoning relationship could undermine sanctions imposed on the Kremlin as punishment for its invasion of Ukraine.
Expanding trade and financial ties show how the countries are turning to each other to shore up their troubled economies. Russia is increasingly leaning on Turkey to ease its international isolation after the West imposed sweeping sanctions on Russia since its assault on Ukraine began in February. Turkish President Recep Tayyip Erdogan needs foreign currency amid an economic crisis resulting largely from his own monetary policy, economists say.