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2.3 US sanctions Russian steelmaker MMK’s Turkish unit
On August 2, the US sanctioned Turkey’s MMK Metalurji. The company owns two steel facilities in Turkey, as well as a seaport in Hatay, Dortyol.
“MMK Metalurji was designated pursuant to E.O. 14024 for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, [Russian parent company] MMK, a person whose property and interests in property are blocked pursuant to E.O. 14024,” the US Treasury said.
The move marked the first direct impact on a Turkish entity targeted by sanctions against Russia.
On August 12, Moody’s Investors Service downgraded Turkey’s sovereign rating by one notch to B3 with a stable outlook.
On August 19, US Deputy Treasury Secretary Wally Adeyemo advised Turkish Deputy Finance Minister Yunus Elitas that Russian entities and individuals were seeking to use Turkey to bypass Western sanctions.
Adeyemo has also sent some letters directly to Turkish business associations, including Tusiad.
On August 26, Turkey’s finance minister, Nurettin Nebati, said in a written statement that concerns over the US threats regarding the Russia trade are “meaningless.”
15 TURKEY Country Report September 2022 www.intellinews.com