(MENAFN) In response to escalating threats of secondary sanctions from the United States, Turkish banks have reportedly commenced the closure of Russian corporate accounts and implemented stricter policies for individuals, according to a Thursday report by business daily Vedomosti. The situation intensified following an executive order signed by United States President Joe Biden in December, signaling the potential imposition of secondary sanctions on foreign banks suspected of supporting Russia.

Media reports earlier this month had already hinted at Turkish financial institutions severing ties and suspending payment processing with nearly all Russian banks, a move perceived as a precautionary measure to avoid the looming risk of sanctions. Vedomosti's latest report indicates that at least two Turkish banks have taken the step of closing accounts for a significant number of Russian companies and banks, prompted by Washington's explicit threats to add them to its blacklist. Additionally, two other Turkish banks are reported to have issued 30-day closure notices to Russian corporate clients that established accounts after Moscow initiated its military operation in Ukraine.

The impact of these actions is particularly felt by businesses that had utilized Turkey as a transit jurisdiction for settlements and deliveries, including oil and gas traders. Iskander Mirgalimov, an international payment consultant for Russian businesses, emphasized that individual clients are also facing heightened restrictions in opening accounts, including the imposition of maintaining a substantial balance.

Aleksey Yegarmin, the head of the Russian-Turkish Business Council, acknowledged ongoing negotiations between Moscow and Ankara to address the situation, stating that efforts are underway "to find a solution." Kremlin spokesperson Dmitry Peskov commented on Thursday, confirming the awareness of Russian authorities regarding the situation and attributing it to "unprecedented, blatant, and aggressive United States pressure on Turkey and Turkish companies." The developments underscore the intricate diplomatic and economic challenges faced by Turkey as it navigates the delicate balance between international relations and safeguarding its financial interests.


 

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