US Treasury Official Warns Turkish Firms Of Risks Associated With Exporting To Russia

A senior US Treasury official during a visit to Turkey warned banks and businesses that the rise in exports and re-exports to Russia increases their sanctions risk

WASHINGTON (UrduPoint News / Sputnik - 04th February, 2023) A senior US Treasury official during a visit to Turkey warned banks and businesses that the rise in exports and re-exports to Russia increases their sanctions risk.

"The marked rise over the past year in non-essential Turkish exports or re-exports to Russia makes the Turkish private sector particularly vulnerable to reputational and sanctions risks," Treasury Undersecretary for Terrorism and Financial Intelligence Brian Nelson said during remarks in Turkey. "Turkish businesses and banks could put themselves at risk of sanctions and a potential loss of access to G7 markets and correspondent relationships.

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Turkish businesses and banks, he added, should also take extra precautions to avoid transactions dealing with potential dual-use technology transfers to Russia.

Nelson met with the Banks Association of Turkey to discuss the implementation of the international sanctions on Russia over the Ukraine conflict, among other concerns.

Earlier on Friday, Bloomberg, citing unnamed sources, reported that between March and October of last year, Turkish exporters sent approximately $800 million worth of goods to Russia, including $300 million in machinery and another $80 million in electronics.