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Sputnik International
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Recent sanctions imposed by the European Union, United Kingdom, and the United States on Turkey and certain Turkish persons will be of interest to European and American investors in Turkey’s defense and energy sectors. The following update contains a summary of each regime.
EU SANCTIONS
Since 2019 there have been ongoing tensions between the Cyprus and Turkey as a result of drilling activities conducted by Turkey in the Eastern Mediterranean and not authorised by Cyprus. On 11 November 2019, EU member states adopted a series of sanctions measures to be imposed on “
State Secretary Michael Pompeo said the sanctions on Turkey's SSB demonstrates the US will not tolerate significant transactions with Russia's defence sector.
Key Points
On December 14, 2020, in response to Turkey’s procurement of the S-400 surface-to-air missile system from Russia in 2019, the Trump administration imposed new sanctions on the Turkish Presidency of Defense Industries (SSB) and four of its officers pursuant to the CAATSA sanctions provisions enacted by Congress against Russia in 2017. This follows Congressional approval of the NDAA for Fiscal Year 2021 by a veto-proof majority on December 11, 2020, which includes specific provisions to compel the imposition of the new sanctions measures.
The European Union separately has also recently adopted new sanctions against Turkey in connection with disputed Turkish drilling activities in the Eastern Mediterranean.