According to Turkish Industry and Business Association (TUSIAD), US deputy secretary of the Treasury Adewale Adeyemo sent a letter to TUSIAD stating that the Turkish companies which establish relations with sanctioned Russian individuals and organizations are also at risk of sanctions.
It was reported that the letter was shared with the Turkey’s Ministry of Foreign Affairs, the Ministry of Treasury and Finance and the Ministry of Commerce.
Following Russian military attack in Ukraine on February 24, more than 30 countries, especially the US and the EU, has decided to impose sanctions on Russia in order to restrict the country’s access to the technologies and resources that it needs to continue military attacks and steel producers to continue production, affecting the country’s economy negatively.
Russia, which was subject to sanctions and had difficulties in sales to alternative markets, was trying to sell steel to Turkey at very low prices, while most Turkish buyers have opted to take a cautious stance on bookings on the back of uncertainty that Russian material will keep coming. Regarding this issue, Uğur Dalbeler, vice president of the Turkish Steel Exporters’ Association, stated that the warnings of the US regarding business with the Russians put the Turkish steel industry in a dilemma.