Businesses should not worry about sanctions: Nebati

ANKARA

Businesses in Türkiye should not be concerned by the threat of sanctions, Treasury and Finance Minister Nureddin Nebati said on Aug. 26.

“The letter should not cause concern in our business circles. Türkiye is one of the most important political and economic power centers in the world,” Nebati wrote on Twitter, referring to the letter the U.S. Treasury issued to warn against violating the sanctions imposed on Russia.

It is important for Türkiye to cooperate and work together with its allies against the global and regional challenges, he added.

“We are also determined to develop commercial relations with our neighbors in various sectors – especially tourism – within a framework that is not subject to sanctions... We are pleased to see that the United States, our ally and trade partner, is inviting its businesses to invest in our economy,” Nebati said.

All actors in the Turkish economy are committed to principles of free market and try to have a larger share in global trade, the minister said.

The Turkish Industry and Business Association (TÜSİAD), on Aug. 23, confirmed that it received a letter from U.S. Treasury Deputy Secretary Wally Adeyemo cautioning that Turkish companies risked consequences if they did business with Russians or Russian institutions that were under U.S. sanctions.

Türkiye will not allow any person or institution to violate sanctions imposed on Russia over the invasion of Ukraine, a senior Turkish official told his United States counterpart last week.

Deputy Treasury and Finance Minister Yunus Elitaş spoke on the phone with U.S. Deputy Treasury Secretary Wally Adeyemo on the implementation of sanctions against Russia.

Elitaş underlined the fact that Türkiye has deep economic and political ties with both Ukraine and Russia, saying Ankara’s stance on the sanctions has not changed, meaning it won’t join unilateral sanctions. But he also assured his counterpart that the government would not allow any person or institution to violate sanctions on Russia.