Turkish President Recep Tayyip Erdoğan will convene a high-level meeting on the economy to discuss Russia's Mir payment system and possible Western sanctions, Reuters reported, citing two sources.

The meeting with government officials and others will also discuss agreements with Russia, the recent severe volatility on the Istanbul stock exchange and the overall economic situation, the sources said on condition of anonymity.

Two private Turkish banks, Denizbank and Isbank, suspended their use of Mir this week after Washington expanded its sanctions against Russia, including against the head of the organization that runs the payment system.

Ankara opposes Western sanctions against Russia on principle and has close ties with both Moscow and Kiev.

Nevertheless, Western countries are increasingly concerned about expanding economic ties between Turkey and Russia, diplomats say, especially after several meetings between Erdogan and President Vladimir Putin, including last week in Uzbekistan.