Austere US Sanctions on Turkey — The Biden administration has imposed sanctions on five Turkish companies and a Turkish national amidst surging tension in the Ukraine-Russia Conflict.
US Sanctions on Turkey: How Will This Affect The Turkish Economy In 2024?
Along with the US Sanctions on Turkey, the Biden Administration accused these Turkish firms of “aiding Russia” in evading US sanctions (just like the US Sanctions on Turkey) and supporting “Moscow’s actions” in Ukraine. These US Sanctions on Turkey are part of a “broader package” of Western Sanctions targeting over 150 Turkish entities —including Russia’s major carmaker.
The Turkish firms (which are immensely affected by the US Sanctions on Turkey) are alleged to have facilitated the “repair of sanctioned vessels” linked to Russia’s defense ministry; and the transfer of “dual-use goods.”
See reference here: The REUTERS
This current US Sanctions on Turkey coincides with a “crucial moment” in US-Turkey relations; as Washington seeks “Ankara’s support” for Sweden’s NATO membership.
News Sources proclaimed that “extensive” US Sanctions on Turkey have been imposed after Russia’s invasion of Ukraine in February 2022. On the flip side, supply channels through Turkey have remained open (not just undermining the US Sanctions on Turkey) it also raises concerns in Washington about — materials reaching Moscow’s war efforts.
US Sanctions on Turkey Targeted Entities: Margiana Insaat Dis Ticaret and Demirci Bilisim Ticaret Sanayi Included!
These US Sanctions on Turkey reflect a “sustained effort” by senior US officials to: obviate Turkish companies (the object of the US Sanctions on Turkey) from aiding Russia in “circumventing” US sanctions.
The Turkish entities targeted by the US Sanctions on Turkey include: Margiana Insaat Dis Ticaret and Demirci Bilisim Ticaret Sanayi.
See reference here: YAHOO FINANCE
As per News sources, these Firms are accused of supplying “critical materials” for Russia’s military activities —specifically its war against Ukraine. Additionally, Denkar Ship Construction and ID Ship Agency have also been affected by the US Sanctions on Turkey for servicing “sanctioned vessels” and shipping “electronic components” to Russia.
The US Sanctions on Turkey also cover: Russia’s industrial sector; maritime industry; technology suppliers, and facilities involved in the “production and repair” of Russian weaponry.