Turkey is seeking to overcome current and expected US sanctions by relying on Russia's alternative system of global banking correspondence, "Swift."
SWIFT is the financial information transfer system, introduced by the Central Bank of Russia in 2014 to provide a "national alternative" to the World Bank Interbank Communications Association.
Russian Deputy Finance Minister Alexei Moiseev confirmed the talks, which took place shortly after the United States threatened sanctions against Turkey over its purchase of a Russian missile system last month, Bloomberg said.
The agency quoted Moiseev as saying: The feasibility of signing a memorandum has been discussed in these negotiations, it was decided we needed to work on it and now we're working on it. Based on what will be in the memorandum, we will decide. "
A senior Turkish Treasury official, speaking on condition of anonymity, also confirmed that the meeting had already taken place, the agency said.
The US and its NATO allies consider S-400 incompatible with NATO and pose a security threat to the F-35 stealth fighter.
Turkey's purchase of Russian defense equipment has sounded alarm bells to NATO, where analysts have questioned Turkey's standing in the alliance and its relations with the West.