Turkish business association confirms it received warning from US Treasury

Turkish business association confirms it received warning from US Treasury
Update: 24 August 2022 20:33
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TUSIAD has confirmed that Turkish companies have been warned of sanction risks that may be imposed because of their relationships with sanctioned Russian companies.

Turkey's leading business association confirmed on Tuesday that they received a warning letter from the United States Department of Treasury regarding possible sanction risks Turkish companies may face in case they have business relations with sanctioned Russian companies.

The Turkish Industry and Business Association (TUSIAD) said in a written communication that the letter, sent by US deputy treasury secretary Adewale Adeyemo, has been shared with Turkish ministries of trade, foreign affairs and treasury and finance.

Adeyemo's letter, sent also to Amcham Turkey -a business association comprised of US companies with operations in Turkey,- was posted by Wall Street Journal's correspondent Jared Malsin on Twitter.

Adeyemo says in his letter:

"The recent press reports that the Turkish and Russian government have entered into an agreement to deepen their economic ties raises our concerns about the ability of Turkish and western firms to do business in Turkiye without unintentionally providing the Kremlin with the ability to evade the sanctions we have put in place. We have made this point directly to the Turkish government but want to make it directly to the business community because of the risk closer tie with Russia create for your companies."

He adds:

"Please be advised that relationships with sanctioned Russian actors may expose Turkish financial institutions and businesses to sanction risks."

Turkish authorities have made no comment on Adeyemo's letter following TUSIAD's communication.