• Turkey’s finance minister said Friday that Turkish businesses have no need to fear U.S. penalties on enterprises interacting with sanctioned Russian firms.
• Since the Ukraine conflict began six months ago, Turkey has positioned itself as a mediator between Russia and Ukraine.
• But it hasn’t joined Russia sanctions.

Turkey’s finance minister said Friday that Turkish businesses have no need to fear U.S. penalties on enterprises interacting with sanctioned Russian firms.

The Turkish Industry and Business Association reported this week that it received a letter from U.S. Treasury Deputy Secretary Wally Adeyemo warning Turkish enterprises against doing business with sanctioned Russians or Russian entities.

Since the Ukraine conflict began six months ago, Turkey has positioned itself as a mediator between Russia and Ukraine.

The Turkish government opposed Russia’s activities in Ukraine and supplied drones to dissuade a Russian push early in the war. But it hasn’t joined Russia sanctions.

Turkey says it won’t violate international sanctions.

Turkish Treasury and Finance Minister Nureddin Nebati tweeted that Turkish firms shouldn’t worry about the letter from Washington.

Turkey is a political and economic powerhouse. The minister said that business should always sense state authority.

Recep Tayyip Erdogan and Vladimir Putin met in Sochi, Russia, earlier this month and agreed to strengthen relations.

Russian-Turkish commerce increased in the first five months of the year compared to the same period last year, highlighting Moscow’s greater emphasis on Ankara under Western sanctions.

Turkey relies on Russia for commerce and tourism throughout its economic crisis. Russian gas fulfils 45% of Turkey’s energy requirements, while the country’s first nuclear power plant is being built.

Finance Minister Nebati said Friday that Turkey can balance its relationships with Russia and international connections.

“We are committed to improve our commercial and economic links with our neighbours in all industries, notably tourism,” he tweeted.

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