Analysis
Smart, independent reporting on Turkey's politics, economy and foreign affairs.
US authorities have designated a Turkish investment bank and three Istanbul-based logistics companies under targeted sanctions for allegedly facilitating illicit Iranian financial transfers and supporting Tehran's aviation network.
As Armenia heads toward the pivotal June 7 elections — widely seen as critical for the continuity of Prime Minister Nikol Pashinyan’s peace agenda — Turkey has accelerated the normalization process, while Russia has intensified pressure on Yerevan through sanctions.
Turkey shows signs of renewing its ties with its NATO alliance partners amid the ongoing Iran crisis. The renewal of vows follows a tempestuous period in its relations not only with the U.S. but also with NATO following the acquisition of the S-400 air defense system from Russia. Particularly over the past 20 years, facing U.S. CAATSA sanctions and Europe’s covert arms embargoes in the fight against the PKK, Turkey’s government and opposition have both questioned the value of NATO membership.
The deal to resolve the case over allegations that Halkbank helped Iran evade American sanctions was announced on March 9, at the height of U.S.-Israeli attacks against Iran.
In a historic development for Turkish-American relations, the long-standing legal battle over Iran sanctions involving the Turkish state lender Halkbank has been settled. The U.S. government said the result will curb support for Iran.
U.S. Ambassador to Turkey Tom Barrack said that the United States is close to lifting restrictions imposed on Turkey since 2017 after Turkey purchased S-400 systems from Russia. However, the conditions under which the sanctions will be lifted remain unclear.
Ukrainian naval drones struck two ships alleged to be part of Russia’s “shadow fleet” in the Black Sea off the Turkish coast, increasing tension in the shared sea even as the combatants pursue renewed peace talks. The Sea Baby drones hit the oil tankers MT Kairos and MT Virat on Nov. 28. Russia has used hundreds of tankers known as the “shadow fleet” to evade Western sanctions imposed after its invasion of Ukraine, delivering millions of barrels of oil to buyers in breach of those restrictions.
The CAATSA sanctions imposed by the U.S. for the past six years have also negatively impacted Turkey's aircraft carrier projects.Originally designed to deploy F-35Bs, the first ship named TCG Anadolu was converted into an unmanned aerial vehicle carrier when aircraft could not be procured from the U.S.
Trumpeting that Turkey is on the way to making its fighter jet Kaan, Turkey faced the reality that it was impossible to produce them by 2028, the expected election year, as promised to the public. Foreign Minister Hakan Fidan acknowledged that the future of the project depends on the U.S. Congress and U.S. CAATSA sanctions imposed on Turkey. Fidan’s goals and President Recep Tayyip Erdoğan’s knowledge of the situation topped the agenda.
The first meeting in six years between President Recep Tayyip Erdoğan and U.S. President Donald Trump at the White House started with positive messages, as both refrained from directly addressing the issue of Gaza, on which they are at odds.Trump suggested the U.S. could lift sanctions on Turkey and allow it to buy U.S. F-35 jets, blocked due to Turkey’s procurement of S-400s from Russia, but added that he would like to see Turkey - a NATO member - stop buying Russian oil while the war in Ukraine continues. 'I'd like to have him stop buying any oil from Russia while Russia continues this rampage against Ukraine.'
The United States has imposed sanctions on 22 entities linked to a shadow banking network accused of facilitating illicit oil trade on behalf of the Iranian regime. The network operates through front companies based in Turkey, the United Arab Emirates, and Hong Kong, funneling revenue to Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), the U.S. State Department announced on July 9.
The United States has imposed sanctions on 22 entities linked to a shadow banking network accused of facilitating illicit oil trade on behalf of the Iranian regime. The network operates through front companies based in Turkey, the United Arab Emirates, and Hong Kong, funneling revenue to Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), the U.S. State Department announced on July 9.