problems with transfers to Turkey are associated with new rules of the US Treasury Department – Kommersant

Interruptions in money transfers from Russia to Turkey are associated with regulatory measures by the US Treasury Department’s Office of Foreign Assets Control (OFAC). This was reported by TASS citing a source in the Turkish banking industry.

“Under these rules, it is stated, foreign banks that support Russia’s war efforts may also be subject to sanctions. At the same time, the provision of intermediary services in all transactions, except for food and medicine, is practically prohibited,” said the agency’s interlocutor.

He added that the measures were “too broadly worded” and Turkish banks would seek further clarification. Until their publication, organizations are in “standby mode,” which is why interruptions occur.

In December 2023, Turkish exporters faced banks’ refusal to carry out transactions from Russia. Transfers were either redirected or rejected at the initial stage of the transaction.

Previously Bloomberg reportedthat Chinese banks began to tighten rules for financing Russian clients after the United States promised to introduce secondary sanctions against credit institutions.

In December, the US Treasury promised to impose secondary sanctions against banks with which Russia enters into deals to purchase defense equipment. The country’s authorities will prohibit organizations that have violated the rules from opening correspondent accounts in the United States or limit their use, and the property of credit institutions will be blocked.

Read more about the latest US sanctions in the text of Kommersant “Suddenly wider”.

Petr Buzlaev