"ISTANBUL -- The Turkish government played down a warning from the Biden administration that domestic companies here could face sanctions for doing business with Russian institutions.
Turkey's Finance Minister Nureddin Nebati on Friday said it would be "senseless" for the warning to cause concern in the Turkish business community.
"Turkey is one of the most important political and economic powerhouses of the world," he wrote on Twitter.
The response comes amid rising concern in Washington that Turkey increasingly is becoming a haven for Russian oligarchs to shelter their assets after the sanctions on Russia in February.
Turkey has deepened its economic relationship with Moscow, buying more Russian crude oil and boosting exports to replace goods Russians can no longer buy from the West.
U.S. Deputy Treasury Secretary Wally Adeyemo sent letters to two Turkish business associations on Monday warning that Turkish companies could face sanctions if they do business with designated Russian individuals and institutions, The Wall Street Journal first reported. The letters amplified U.S. pressure on Turkey to comply with the sanctions imposed on Russia.
Turkey is the only member of the North Atlantic Treaty Organization that has chosen not to sanction Russia, a choice it made in part to shield its vulnerable economy from the conflict's fallout.
Turkish President Recep Tayyip Erdogan signaled earlier this month that he wants to intensify economic cooperation with Russia, promising to pay for Russian gas in rubles and expand use of a Russian card-payments system within Turkey.
Russia has turned to Turkey to lessen its international isolation. Russia has imported from Turkey everything from kitchen utensils to clothing and industrial equipment to replace imports from Europe.
Turkey is in need of foreign currency amid a crisis set in motion last year after the country's central bank cut interest rates under pressure from Mr. Erdogan, who favors lower rates as a part of an unusual strategy to encourage economic growth.
The U.S. imposed sanctions on Turkey's defense production agency in 2020 after Mr. Erdogan chose to buy Russia's S-400 air defense system in a purchase that disrupted relations with the U.S.
Finance analysts said Turkey's response would likely do little to ease U.S. concerns about possible sanctions violations.
"The worry would be that it's a bit of a green light for Turkish business to continue what it's doing," said Timothy Ash, a senior strategist at BlueBay Asset Management in London." [1]
1. World News: Ankara Defiant Over U.S. Warning on Business With Moscow
Malsin, Jared; Kivilcim, Elvan.
Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]. 27 Aug 2022: A.9.
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