Turkey and the USA agreed on a new system of secondary sanctions

Turkey and the United States have agreed on a new system of applying secondary sanctions to foreign companies for their ties to Russian firms. Hurriyet newspaper writes about it with reference to sources.

Earlier, secondary sanctions were immediately imposed by the US against Turkish companies suspected of doing business with Russia. According to the new agreement, the US will first notify Turkey about companies that cause suspicion, and will also request information on the matter. If Turkey conducts an investigation and informs the US of the results, “measures will be taken if necessary,” the newspaper writes.

• In January, it became known that Turkish banks refuse to work with Russian banks, fearing secondary sanctions from the United States. Almost all Turkish banks have severed correspondent relations with credit organizations in Russia and suspended the processing of their payments.
• The situation worsened in December 2023, when the 12th package of sanctions of the European Union entered into force, and US President Joe Biden signed a decree on secondary sanctions. Both documents appeared in response to the ongoing Russian invasion of Ukraine.