ISTANBUL: On Friday, Turkeye finance minister rejected as “meaningless” worries among Turkish businesses about a US Treasury warning warning companies feared 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 holdings from Western partners stepping back. Western sanctions won’t be avoided in Turkey, according to Ankara.
This month, the US Treasury alerted Nebati’s ministry as well as the main business association in the nation, TUSIAD, that Russian businesses were attempting to utilise Turkiye to get around Western sanctions.
Nebati tweeted, “It is pointless for a letter conveyed 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 expand 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. The government is “beside its corporate world on this route.”
Tim Ash, an analyst at BlueBay Asset Management, said that Nebati’s response might irritate Washington and increase the likelihood of additional penalties against Turkiye.Ash commented on Ash’s tweet, “It reads like telling the Yanks that the Turkish state is powerful… enough to resist any actions you might take against us.
Turkey, which borders both Russia and Ukraine on the Black Sea, has maintained that imposing sanctions against Russia would have affected its already fragile economy and that it is instead concentrating on mediation efforts.
