Only after a warning: Turkey and the US agree on a new scheme for imposing sanctions on Turkish companies

Turkey and the United States have agreed on a new scheme for complying with secondary sanctions imposed on companies that cooperate with Russia.

Source. This was reported by the Turkish newspaper Hurriyet, cited by Deutsche Welle.

According to the new agreement, the US authorities will notify Ankara of companies that are suspicious and request information on this matter. If Turkey conducts an investigation and reports the results to the US, "action will be taken if necessary," the newspaper writes.

Earlier, Washington imposed secondary sanctions against Turkish companies suspected of doing business with Russia without notifying Ankara and without investigation. This situation, as noted, created "various economic problems".

In January, it became known that Turkish banks were widely avoiding working with Russian banks. The situation worsened in the summer of 2023 and escalated sharply after US President Joe Biden issued a decree on 22 December imposing secondary sanctions on foreign companies that help Russia in its war against Ukraine. As a result, Turkish banks severed correspondent relations with almost all Russian credit institutions and suspended processing of their payments.

Due to Biden's decree, state-owned banks in China also began to limit their work with clients from Russia. According to Bloomberg, at least two Chinese banks have decided to review their business in Russia, sever ties with sanctioned clients, and stop providing any financial services to the Russian military industry.

Background. The day before, it became known that Dubai's largest state-owned bank was winding down its business with Russia under pressure from the United States.