Treasury Warns Turkey of Russia Sanctions Risks

The Treasury Department warned Turkish businesses this week that they may be hit with U.S. sanctions if they do business with designated Russian people or entities, The Wall Street Journal reported Aug. 22. In letters to the American Chamber of Commerce in Turkey and the Turkey Industry and Business Association, Treasury Deputy Secretary Wally Adeyemo warned Turkish companies that they will be cut off from American banks if they do business with sanctioned Russian banks.

“Any individuals or entities providing material support to U.S.-designated persons are themselves at risk of U.S. sanctions,” Adeyemo wrote, according to the report. “Please be advised that relationships with sanctioned Russian actors may expose Turkish financial institutions and businesses to sanctions risk.”

Treasury said Adeyemo spoke with Turkish Deputy Finance Minister Yunus Elitas last week about the “ongoing efforts to implement and enforce the broad multilateral sanctions imposed on Russia for its invasion of Ukraine.” Adeyemo also “raised concerns that Russian entities and individuals are attempting to use [Turkey] to evade sanctions put in place by the United States and 30 countries,” Treasury said.