US threatens sanctions on Turkish companies trading with Russia

Deputy Head of the US Treasury Nelson: Turkish companies may be sanctioned for trade with Russia

Turkish companies cooperating with Russia may fall under Western sanctions, US Treasury Undersecretary for Counterterrorism and Financial Intelligence Brian Nelson warned.

“The noticeable growth of secondary Turkish exports and re-exports to Russia over the past year makes the Turkish private sector particularly vulnerable to reputational and sanctions risks… By interacting with Russian organizations under sanctions, Turkish banks and enterprises may be at risk and potentially lose access to the markets of the G7 countries and correspondent relations,” RIA Novosti quotes Nelson.

Speaking in Istanbul, he recommended that Turkish businesses and banks take additional precautions to avoid the transfer of dual-use technologies to Russia.

“In order to reduce these sanctions risks, I urge you, as financial institutions, to conduct enhanced verification of transactions with Russian legal entities and individuals – especially in vulnerable sectors,” the deputy minister said.