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Turkish Banks Stop Doing Business with Russian Banks Because of Possible US Penalties

Turkish Banks Stop Working with Russian Banks Over Worries About US Penalties

Turkish Banks Respond to Threat of Sanctions. (PHOTO: Asharq Al-Awsat)

Turkish banks will no longer do business with any Russian banks.

According to UAWIRE report, the newspaper Kommersant claimed that it was a surprise for Turkish banks to decide to stop doing business with Russian banks. Sources in the financial markets and people who deal with foreign trade confirm this big move, which includes breaking ties with almost all Russian banks and stopping money transfers, except for those between foreign banks and their Russian branches. In the summer of 2023, things got worse, and they got worse quickly after US President Joe Biden issued an order on December 22, 2023. Companies that help Russia in its war with Ukraine will now face more penalties because of the order. In other words, the US can cut off foreign banks that break these rules from the US banking system.

READ ALSO: Russia Criticizes US-UK Yemen Strikes As ‘Excessive’ And ‘Disproportionate’

China wont do business with Russia.

Not only in Turkey is there a big change going on. Because of Biden’s order, Chinese state banks are also doing something like this. Two Chinese banks are taking a second look at their business with Russia. They are breaking ties with clients that are subject to sanctions and giving Russia’s defense business no more money. It shows how global banking is changing because countries are getting more angry with each other.

READ ALSO: Wyoming Gears Up For Uranium Mining Boom: Prices Surge And Lawmakers Consider Blocking Russian Imports To Secure Rare Element Supply

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