According to the announcement of the US Department of the Treasury, the US has warned of the imposition of sanctions against Ankara in case it continues its economic transactions with Russia
US Treasury Undersecretary for Terrorism and Financial Intelligence Brian E. Nelson met with the Turkish Banking Association to discuss the implementation of international sanctions on Russia for its war against Ukraine. The U.S. Treasury Department, including the Office of Foreign Assets Control, regularly works with the private sector to help address questions and concerns about the implementation of U.S. sanctions.
As it transmits the correspondent of SKAI in Istanbul, Manolis Kostidisaccording to a statement issued by the US Treasury Department, the US has threatened Ankara with sanctions if it continues economic transactions with Russia.
“Of course we recognize Turkey’s dependence on Russian energy imports and trade in agricultural goods, and we continue to work to mitigate the negative impact on these economic activities. However, last year’s marked rise in non-Turkish exports or re-exports to Russia makes the Turkish private sector particularly vulnerable to reputational and sanctions risks. This is driven by Moscow.
Moscow seeks to use its growing economic ties, which are not transparent, to exploit other jurisdictions and counter international sanctions.
The Russian government, state-owned enterprises and financial institutions tend to engage in fraudulent transactions to circumvent international sanctions. In particular, Russian banks have promoted deceptive payment practices and executed payments that hide information.
By working with sanctioned Russian entities, Turkish businesses and banks could put themselves at risk of sanctions and possible loss of access to G7 markets.
Turkish businesses and banks should also take extra precautions to avoid transactions related to potential transfers of dual-use technology that could be used by the Russian military-industrial complex.
In addition, Russian oligarchs and government officials continued to buy real estate, dock yachts, run businesses and receive services for their property in Turkey.
To mitigate these sanctions risks, I encourage all of you as financial institutions to conduct enhanced due diligence on transactions with Russian entities and individuals, including in areas that are particularly vulnerable to exploitation,” the statement issued by the US Treasury Department said.
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With a wealth of experience honed over 4+ years in journalism, I bring a seasoned voice to the world of news. Currently, I work as a freelance writer and editor, always seeking new opportunities to tell compelling stories in the field of world news.
