ISTANBUL: The US government recently issued a cautionary call to Turkey regarding the shipment of items such as chemicals, microchips, and other materials that can assist Russia in their conflict in Ukraine. Consequences for Turkish firms or financial institutions that defy sanctions could include punishment.
Brian Nelson, the top sanctions expert from the Treasury Department, traveled to Turkey and met with government and private sector representatives last Thursday and Friday to stress the need for cooperation in stopping the movement of such items.
In a talk to financial executives, Nelson mentioned that the sharp increase in exports to Russia over the past year puts Turkish entities in a precarious situation, where they face the possibility of reputational damage, penalties, or loss of access to G7 markets.
He stressed the importance of being extra cautious and avoiding any transactions linked to dual-use technology transfers that could be utilized by the Russian military-industrial complex.
During the discussions in Istanbul and Ankara, Nelson and his team brought up tens of millions of dollars’ worth of exports to Russia that caused alarm, as stated by a senior US official who preferred to remain anonymous.
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