US sanctions warning against Turkey

After the Russia-Ukraine war, corporate sanctions, on which Europe and America often emphasized, emerged. Claiming that they did not comply with the sanctions imposed on Russia, the US Treasury Department decided to impose sanctions on more than 120 individuals and companies covering more than 20 countries. Although there are 5 companies from Turkey among these countries, companies whose exports are increasing rapidly in sectors such as iron-steel, machinery and equipment, mining, electricity and electronics are concerned about this situation.

During the Russia-Ukraine war, Turkey assumed the role of mediator rather than advancing with a political attitude. Then, especially after Europe's sanctions against Russia, Turkey turned to Russia in order to close the gap after European companies withdrew from the market. Thereupon, the export balance between Turkey and Russia increased by 113 percent in the first quarter of 2023 compared to the same period of the previous year. A month ago, the USA had warned Turkey for products on the embargo list.

James O'Brien, Head of the US Department of State's Sanctions Coordination Office, stressed that Washington will follow Ankara's trade data with Moscow in anticipation of a decline. On the other hand, exports of electricity and electronics, including embargoed products, increased by 358 percent in the first 3 months of 2023, chemicals increased by 291 percent, and mining products increased by 266 percent.

Istanbul Ferrous and Non-Ferrous Metals Exporters' Association (IDDMIB) President Çetin Tecdelioğlu, in a statement he made at the end of March, stated that as of March 1, Western countries are in talks with Turkey to prevent certain products from entering Russia, and that "The Turkish government has sent Russia a list of banned foreign goods. He said that he wanted the goods in question not to be transferred to Russia by sea. Yesterday, a concrete step came from the US Treasury Department and the sanction decision was announced.