Washington, 8 April 2023 (GNP): In recent days, the United States cautioned Turkiye to stop trade with Russia of chemicals, microchips, and other items that may be used in Moscow’s military assault in Ukraine.
The United States also threatened to take action against Turkish banks or corporations that violated sanctions.
We are committed to supporting the ongoing political and economic reforms in Ukraine. Through the U.S.-Ukraine Partnerships Forum, leaders from across sectors are working together to create future business strategies and build strategic partnerships. #UkraineBusinessInitiative
— Department of State (@StateDept) April 8, 2023
According to a senior US official on Thursday, Turkiye has agreed to cease exporting commodities from Western countries that have been sanctioned to Russia as a result of G7 pressure.
He warned that Washington would watch Ankara’s trade data with Moscow in case there was a reversal.
Turkish authorities have reportedly been “very clear” with various nations and agencies about their decision to impose a prohibition on the re-export of products subject to sanctions to Russia, stated James O’Brien, head of the US State Department’s Office for Sanctions Coordination.
“It will take us some time to see it, but we will see trade data from March and April and we will expect to see this trade dropping dramatically,” O’Brien said.
Nelson said in a speech to bankers that Turkiye’s companies are “particularly vulnerable to reputational and sanctions risks” or losing access to G7 markets as a result of a significant year-long increase in exports to Russia.
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According to a transcript of his speech provided by the Treasury, “They should take extra precaution to avoid transactions related to potential dual-use technology transfers that could be used by the Russian military-industrial complex”.
Following its invasion of Ukraine, the United States and its allies pushed severe sanctions on Russia, but supply routes from its neighbor Turkey on the Black Sea and other commercial centers like Hong Kong remained accessible.
The Istanbul Ferrous and Nonferrous Metals Exporters Association said last month that the Turkish government sent businesses a list of foreign products that were prohibited and told them not to ship those to Russia as of March 1.
The decision to implement the policy follows efforts by Washington and other affluent G7 members to urge other nations to impose sales restrictions on products that Russia may utilize in war.
