Turkey says concerns over US sanctions warning ‘meaningless’ | Russo-Ukrainian War

Turkey’s finance minister said there was no need to worry about possible US sanctions against companies dealing with sanctioned Russian companies.

Turkey’s finance minister has called “meaningless” Turkish companies’ concerns over a warning about possible US sanctions against firms dealing with sanctioned Russian firms.

The Turkish Industry and Business Association confirmed this week that it received a letter from US Assistant Treasury Secretary Wally Adeyemo warning that Turkish companies risk consequences if they do business with Russians or Russian institutions under US sanctions.

Finance Minister Nureddin Nebati said in a series of tweets on Friday that Turkey was determined to improve economic and trade relations with its neighbors “in a framework that is not subject to sanctions”.

NATO member Turkey has sought to strike a balance between Moscow and Kyiv by criticizing the Russian invasion and sending weapons to Ukraine, while opposing Western sanctions and pursuing trade, tourism and investments with Russia.

Turkey, however, has said it will not allow international sanctions to be violated.

“It makes no sense that a letter relayed to Turkish business groups is causing concern in our business communities,” Nebati said, adding that he was “pleased” to see that the United States ” invite their companies to invest in our economy”.

“Turkey is one of the most important centers of political and economic power in the world. Our business community should feel the power of the state on its side at all times,” he said.

Earlier this month, Turkish President Recep Tayyip Erdogan met his Russian counterpart Vladimir Putin in Sochi, Russia, where the two leaders pledged to further develop bilateral relations.

Putin noted at the time that Russian-Turkish trade had doubled in the first five months of the year compared to the same period last year, an increase reflecting Moscow’s growing emphasis on ties with Ankara. amid deadly Western sanctions.

Faced with an economic crisis, Turkey relies on Russia for trade and tourism. Russian gas covers 45% of Turkish energy needs and the Russian atomic agency is building Turkey’s first nuclear power plant.

Nebati said Turkey is confident it can balance its ties with Russia and its international relations.

“We are determined to develop our trade and economic relations with our neighbors in various sectors, especially in tourism, in a framework that is not subject to sanctions,” he tweeted.

The head of a group of metal exporters said this month that Russian demand for Turkish products had increased and that Turkish companies had received inquiries from European companies about supplying Russia via Turkey.

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