Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Hamas: We renew our pledge to our brave prisoners and their families that they will remain at the heart of our priorities, and we will not rest until the last prisoner enjoys freedom.
Hamas: We are awaiting the final approval of the names ahead of announcing them through the Prisoners’ Media Office.
Hamas: We affirm that we have submitted the lists of Palestinian prisoners according to the agreed-upon criteria within the framework of the agreement.
Gaza Media Office: We urge our people not to move around Al-Rashid and Salah al-Din streets or their surrounding areas.
Gaza Government Media Office: We stress to our Palestinian people the need to exercise maximum caution during their movements and travel.
Guterres: I urge all concerned to abide fully by the terms of the agreement.
Guterres welcomes the announcement of an agreement to secure a ceasefire and the release of captives in Gaza, based on President Trump’s proposal.
Trump to Netanyahu: I will arrive in "Israel" on Sunday and deliver a speech at the Knesset.
Senior White House official to Al Mayadeen: The withdrawal will take less than 24 hours, after which the 72-hour period will begin.
Senior White House official to Al Mayadeen: After the Israeli government approves of the agreement, "Israel" will be required to withdraw to the demarcation line.

US warns Turkey that cooperation with Russia could result in sanctions

  • By Al Mayadeen English
  • Source: Agencies
  • 24 Aug 2022 18:55
  • 1 Shares
3 Min Read

Deputy Secretary of Treasury Adewale "Wally" Adeyemo informs Turkey's Deputy Finance Minister Yunus Elitas that Turkey's increased cooperation with Russia could result in sanctions against Turkish business, and banks.

  • x
  • Adewale
    Adewale "Wally" Adeyemo US Deputy Secretary of Treasury (Reuters)

Turkey's business community faced, on Wednesday, mounting US pressure to sever its growing ties with Russia or risk crushing sanctions as the US grew more concerned that Russian enterprises and the government are using Turkey to get over banking and trade sanctions imposed by the collective West against Russian following the Ukraine war. 

At a conference earlier this month in the Black Sea resort of Sochi, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan decided to expand their economic cooperation. In accordance with that cooperation, official statistics show that Turkish exports to Russia increased in value from May to July of last year by about 50%.

Russian oil imports into Turkey are surging, and the two countries have decided to switch to using rubles as payment for natural gas delivered by Gazprom.

Wally Adeyemo, the US Deputy Secretary of the Treasury, traveled to Ankara and Istanbul on a rare occasion in June to voice Washington's concerns about Russian billionaires and major corporations using Turkish firms to circumvent Western sanctions.

With excellent relations with both Moscow and Kiev, NATO member Turkey has attempted to maintain neutrality in the war and has resisted submitting to the international sanctions system.

Adeyemo then sent a letter to the American Chamber of Commerce in Turkey and Turkey's TUSIAD business association alerting them that their businesses and banks risked facing sanctions. A statement released by TUSIAD revealed, late on Tuesday, that it had forwarded the letter to the Turkish Foreign Ministry, and the authority in charge of commerce and finance.

The Wall Street Journal first broke the news of the letter's contents this week.

Adeyemo said, "Any individuals or entities providing material support to US-designated persons are themselves at risk of US sanctions," adding that "Turkish banks cannot expect to establish corresponding relationships with sanctioned Russian banks and retain their corresponding relationships with major global banks as well as access to the US dollar and other major currencies." 

Furthermore, Erdogan and Putin reached an agreement for additional Turkish banks to commence processing payments as part of their economic cooperation agreement. This comes as Turkey gets closer to the general elections next year and further collaboration between the two countries could result in a financial boost that will uplift the country's economy.

Adeyemo called Turkey's Deputy Finance Minister Yunus Elitas last Friday and openly discussed US concerns yet again in which the Turkish FM argued that Turkey has "deep economic and political relations with Ukraine and Russia, Elitas said that Turkey's position (on joining) the sanctions has not changed," adding that that "it will not allow any institution or individual" to use Turkey to evade the sanctions framework. 

Elitas' comments were revealed in a statement released by the Turkish MFA said in a statement about the call. 

Erdogan has repeatedly maintained that due to Turkey's substantial reliance on Russian oil and natural gas supplies, Ankara cannot support Western sanctions on Moscow.

According to some observers, TUSIAD and the American Chamber of Commerce in Turkey, which is mostly composed of huge corporations with a global presence, are unlikely to violate the rules since they place a higher priority on unrestricted access to US financial markets.

  • Sanctions on Turkey
  • Turkey
  • Russia
  • US
  • Sanctions on Russia

Most Read

Tucker Carlson speaks at a memorial for Charlie Kirk, Sunday, September 21, 2025, at State Farm Stadium in Glendale, Arizona (AP)

Tucker Carlson: Israeli officers gave orders on Iran inside Pentagon

  • Politics
  • 2 Oct 2025
A Hamas fighter in combat fatigues stands before the ceremony for the handover of Israeli captives to the Red Cross in Nuseirat, central Gaza Strip, Saturday, February 22, 2025 (AP)

Hamas responds to Trump plan, backs Gaza withdrawal, exchange

  • Politics
  • 3 Oct 2025
Mossad’s secret role in Aldo Moro’s 1978 murder revealed

Mossad’s secret role in Aldo Moro’s 1978 murder exposed

  • Politics
  • 5 Oct 2025
The Palestinian resistance and the people of Gaza showed that after combating Israeli aggression for two years, they remain victorious in the face of oppression (Mahdi Rteil/Al Mayadeen English)

Al-Aqsa Flood two years on, a tale of victory

  • Politics
  • 6 Oct 2025

Coverage

All
War on Gaza

Read Next

All
An Israeli armored vehicle moves on a street of a local market during a military raid in the West Bank refugee camp of Balata, Wednesday, October 8, 2025 (AP)
Politics

Israeli settlers kill Palestinian youth near Ramallah amid raids

Russian Foreign Minister Sergey Lavrov speaks during the Moscow format consultations on Afghanistan in Moscow, Russia, Tuesday, Oct. 7, 2025 (AP)
Politics

Iran interested in resuming nuclear talks: Lavrov

International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during a news conference at the International Monetary Fund (IMF) headquarters in Washington, April 25, 2025 (AP)
Politics

IMF head flags US budget, Europe Defense spending challenges

Prime Minister of Italy Giorgia Meloni addresses the 80th session of the United Nations General Assembly, Wednesday, Sept. 24, 2025, at UN headquarters (AP)
Politics

Meloni faces ICC complaint over Gaza genocide complicity with Israelis

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS