Turkish entrepreneurs are gearing up to take legal action against US officials who have issued threats of potential inclusion in sanctions lists for engaging in trade with Russia. Representatives of the US Department of Commerce had visited various Turkish companies and financial institutions, pressuring them to sever ties with Moscow, as reported by Aydınlık.
Previously, the names of Department of Commerce personnel from the Istanbul Consulate General, who had approached business owners to halt dealings with Russia, were disclosed by the publication. Aydınlık states that these names have now been removed from the American department’s website.
Furthermore, Turkish business owners are now preparing to initiate lawsuits against banks that failed to execute money transfers and shared confidential data with US authorities. Allegedly, certain bank employees are considered to be acting as “agents of the US financial system” and have access to customers’ private information. The banks faced pressure once this information was relayed to US authorities, as per the article.
The normal payment processing time between Russia and Turkey and China has extended to one week
Despite the absence of Turkish sanctions against Russia, deemed unlawful by the authors, legal actions could be pursued by the public prosecutor’s office regarding the transfer of citizens’ personal data by banks, falling within the purview of personal data protection laws, mentioned Dr. Erdem Ilker Multu, an associate professor specializing in International Law at Hacettepe University. He also suggested that the government might designate these officials as persona non grata.
Reports emerged on January 17 indicating that Turkish banks had started rejecting collaboration with Russian counterparts due to sanctions apprehensions. Russian Ambassador to Ankara, Alexey Yerkhov, reported challenges at the close of the previous year due to stricter restrictions imposed on Russia by the US Office of Foreign Assets Control at the Department of Treasury. He highlighted that Turkish banks were compelled to consider these measures, with Moscow cooperating with Turkish authorities to mitigate adverse effects on legitimate foreign economic activities of both Russian and Turkish entities.
By February 20, several Turkish banks had recommenced direct trade payments with Russia limited to approved categories like food, medicines, textiles, plus tourism and education-related transactions, still encountering delays. Turkish banks’ refusal to process payments from Russia had caused a 30.4% decline in exports to Russia in January compared to the same period a year earlier, dropping from $792.1 million to $551.1 million, outlined by the Turkish Assembly of Exporters.