In view of growing threat of the Axis powers, by the beginning of 1939 a security agreement with the Soviet Union came high on the list of Turkish priorities. Turkey would also co-operate with Britain in the Balkans and the Mediterranean. Ankara proposed a triangular Turco-Anglo-Soviet relationship. Turkey sought to search for the illusive Soviet connection to parallel its signing of mutual assistance agreement with Britain on 12 May 1939. But the Germano-Soviet Non-aggression Pact of 23 August 1939 upset the entire international balance and put Turkey into a delicate position. Nonetheless Ankara still considered that arriving at an accord with Moscow would not be incompatible with its engagements towards the West. Saracoğlu's mission to Muscow in the autumn of 1939 failed because of Russia's attempts to unilaterally amend the Montreux Straits Convention and to draw Turkey away from the West. During Saracoğlu-Molotov talks, Kremlin endeavoured to obtain a foothold at the Straits in order at once prevent others from commanding the warm water approach to its Black Sea ports and to place itself in a position to exercise a hand in Mediterranean affairs. Relations between Turkey and Russia thus entered into a new period of mutual distrust and tension.

Although most frequent mention must be made of the political relations, the special emphasis in the article lays on the economic cooperation between Turkey and Germany. For commercial and financial factors played a key role in shaping the Turkish-German relations in the second half of the 1930s. Turkey came to view the dominant German grip over its economy with much anxiety and looked to other powers to assist it in breaking the Reichsmark shackle. In the political field, the dynamics of Turkish-German relations often led Germany to seek a formal relationship which Turkey, for reasons of its own, did not grant. Throughout the study Ankara's attitude vis-a-vis Berlin evaluated in terms of its position within wider Turkish diplomatic strategy.

The Italian invasion of Ethiopia in 1935 marked the beginning of a definite closeness in Turco-British relations, which were to undergo a long process of development. During the Ethiopian crisis, Turkey followed Britain in defence of the League of Nations Covenant. Firm co-operation between Turkey and Britain during the Montreux Straits Conference of 1936 further accelerated the pace of rapprochement. With King Edward VIII's visit to Turkey, just after the Montreux settlement, the mutual friendship took a step forward. At the Nyon Conference of 1937, Turkey supported Britain in its defence of international shipping against attacks by pirate submarines in the Mediterranean. Nyon drew the Turks and British closer together. In 1938 Britain granted a credit of sixteen million pounds to Turkey which strengthened the growing friendship between Ankara and London and aimed at reducing the necessity of Turkish economy depending on Germany. Germany's occupation of Czechoslovakia and Italy's annexation of Albania in the spring of 1939 soon led Turkey and Britain to sign a mutual assistance agreement. This accord combined Turkish and British energies for the protection of peace and paved the way for the conclusion of the Turco-Anglo-French Triple Alliance Treaty in the autumn of the same year.