September 22, 2023

Turkiye downplays worries about the warning of US penalties

Turkiye downplays worries about the warning of US penalties

ISTANBUL: On Friday, Turkey’s finance minister rejected as “meaningless” worries among Turkish businesses about a US Treasury warning that they risked being penalised if they continued to do business with Russians while subject to sanctions.By condemning Russia’s invasion of Ukraine and supplying it with weapons, NATO member Turkiye has attempted to create a balance between Moscow and Kiev.

At the same time, it has opposed Western sanctions and continues to engage in business, travel, and investment with Russia. Turkiye is committed to enhancing its economic and trade ties with its neighbours “within a framework that is not subject to sanctions,” according to Finance Minister Nure­ddin Nebati.

While others continue to hold significant assets in Russia, several Turkish companies have bought or sought to buy Russian assets from Western partners stepping back.This month, the US Treasury alerted Nebati’s ministry , Russian businesses were attempting to utilise Turkiye to get around Western sanctions.

Nebati tweeted, “It is pointless for a letter relayed to Turkish business groups to cause anxiety in our business circles.We are happy to see that our trade partner and ally, the United States, is encouraging its businesses to invest in our economy.All participants in Turkey’s economy adhere to free market principles and want to increase their share in international trade, according to him.

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