Washington is threatening to impose sanctions on Turkey’s largest union.
Published on 30.8.2022
The Financial Times reports : The US Treasury has threatened to impose sanctions on Turkey’s largest union if it continues to do business with Russia.
The site said in a report on Wednesday that the Association of Independent Businessmen and Industrialists of Turkey received a letter from the US Treasury warning of the possibility of sanctions if Turkish companies establish relations with entities and individuals. Russians subject to sanctions.
The report adds that US Treasury Undersecretary Wali Ademo paid a rare visit to Istanbul and Ankara last June, during which he expressed Washington’s concern over the use of wealthy and big business. Russians as Turkish entities to evade Western sanctions imposed on Moscow due to its invasion of Ukraine.
The report said the US official then sent a letter to the Turkish Business Association and the American Chamber of Commerce in Turkey, warning that Turkish companies and banks could be threatened with sanctions.
“Individuals or entities who provide material support to those sanctioned by the United States risk themselves U.S. sanctions,” Adeemo wrote in the letter.
“Turkish banks cannot expect to build relationships with sanctioned Russian counterparts and maintain relationships with major global banks while having access to the US dollar and other major currencies,” he added.
The association said in a statement on Tuesday that it had delivered the letter to the Turkish Ministry of Foreign Affairs and Finance.
According to the report, Turkish officials have not officially responded to Adeymo’s letter.
Washington is increasingly concerned that the Russian government and companies are using Turkey to evade Western financial and trade restrictions imposed in response to the Kremlin’s invasion of Ukraine six months ago.
Turkish President Recep Tayyip Erdogan and his Russian counterpart Vladimir Putin agreed to step up economic cooperation at a summit in the Black Sea resort of Sochi earlier this month.
Official data shows that the value of Turkish exports to Russia between May and July increased by around 50% compared to the same period last year.