US increases pressure on Turkish banks over Russia

Following the latest round of sanctions imposed on Russia, the United States has ramped up pressure on Turkish banks. The tightening of US sanctions on Russia continues to negatively impact banking transactions between Turkey and Russia.

Particularly after the new sanctions implemented by the US in December 2023, Turkish banks are facing increased scrutiny, making financial transactions with Russia more difficult. Both state-owned and private banks are struggling to maintain cooperation with Russia under heightened US oversight. Money transfers to and from Russia, as well as account opening processes for Russian citizens, are being subject to strict controls.

INCREASED PRESSURE

Due to the stricter sanctions introduced in December 2023, the cooperation between Turkish and Russian banks has deteriorated. Reports indicate that the US has increased its pressure on Turkish banks in line with its recent sanctions on Russia.

A financial market source told the Russian media that “in light of the recent US sanctions on Russia, our banks—both state and private—are facing growing pressure from the US. All sources of transfers to and from Russia are being scrutinized. Bank accounts (belonging to Russian citizens) are being opened under increased control by headquarters.”

Earlier, Russia’s Ambassador to Ankara, Aleksey Yerhov, stated in an interview with Sputnik that banking issues between Russia and Turkey were ongoing. Yerhov also mentioned the growing instances of transfer blockages, account closures, and the exclusion of companies transporting goods to Russia, emphasizing that the West aims to dismantle the commercial and economic cooperation between Russia and Turkey.