Turkish businesses’ worries about a U.S. Treasury warning that they risk being penalised if they maintain business ties with Russians in the face of sanctions were dismissed by the country’s finance minister as ‘meaningless’ on Friday.
By condemning Russia’s invasion of Ukraine and providing arms there, NATO member Turkey has attempted to strike a balance between Moscow and Kiev. At the same time, Turkey opposes Western sanctions and maintains its trade, tourism, and investment ties with Russia.
Turkey is resolved to strengthen its economic and trade ties with its neighbours, according to Minister Nureddin Nebati, ‘within a framework that is not subject to sanctions.’
While others continue to hold significant assets in Russia, several Turkish companies have bought or sought to buy Russian assets from Western partners stepping back. Western sanctions won’t be evaded in Turkey, according to Ankara.
This month, the U.S. Treasury warned Nebati’s ministry as well as the largest business association in the nation, TUSIAD, that Russian entities were attempting to use Turkey to evade Western sanctions.
Nebati tweeted, ‘It is pointless for a letter relayed 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 invest in our economy.
The government is ‘beside its business world on this route,’ he added, adding that all participants in Turkey’s economy are committed to free market principles and are seeking to increase their share of global trade.
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