US threatens Turkish banks with sanctions over continued cooperation with Russia

WORLD, Sept. 19 (YPA) – The United States has threatened to impose extensive sanctions on Turkish banks if they continue financial transactions with Russia, Turkish media reported, citing a source in the Turkish banking sector.

According to the source, a US delegation visited Turkey and warned that Turkish banks could face what are referred to as “covert sanctions” if they continue to engage with the Russian side.

Despite these threats, the source indicated that transactions through Turkish banks are still possible, provided certain conditions and documentation are met.

Earlier, the “Aydınlık” newspaper reported that employees from the US embassy and consulate in Turkey visited companies and financial institutions to warn them against dealing with Russia.

It is noted that Turkish banks stopped using the Russian payment system “Mir” as of September 2022.

A source familiar with the Turkish financial market told Novosti that Turkish banks are facing increasing pressure from the US regarding transactions with Russia, regularly receiving warnings to impose strict scrutiny on payment sources.

A representative from Turkey’s state-owned Ziraat Bank noted that there have been no substantial changes regarding the resolution of banking transfer issues between Russia and Turkey, and the timeline for resolving the situation remains uncertain.

Earlier, Andrey Kostin, the head of Russia’s VTB Bank, said  that establishing a mechanism based on national and digital currencies could provide a solution to banking difficulties between Russia and Turkey.

@E.Y.M