Latvian businesses warned about U.S. sanctions against Turkey

Take note – story published 4 years ago

Latvia's Ministry of Foreign Affairs on October 15 warned Latvian exporters to be aware of the ramifications of sanctions announced by the United States against fellow NATO member state, Turkey. 

As reported widely in international news media, the Turkish army invaded northern Syria shortly after American President Donald Trump announced the withdrawal of U.S. forces from the area. Widespread loss of life and chaos has been reported from areas formerly held by Kurdish fighters with the support of U.S. troops as Turkish forces press forward, while Syrian government forces have also entered the fray and the whereabouts of ISIS prisoners further complicate a toxic geopolitical situation.  

The U.S. Department of the Treasury has given details of the sanctions saying "The Turkish Government’s actions are endangering innocent civilians, and destabilizing the region, including undermining the campaign to defeat ISIS," despite President Trump's assertions that ISIS has already been defeated and clear indications that a U.S. withdrawal would precipitate exactly the situation which has transpired.

Russian Army units are now reported to be in the area vacated by U.S. forces.

"Persons that engage in certain transactions with persons designated today may themselves be exposed to designation. Furthermore, any foreign financial institution that knowingly facilitates any significant financial transactions for or on behalf of the persons designated today could be subject to U.S. correspondent or payable through account sanctions," warned the Treasury.

Those sanctioned include Turkey's Defense, Energy and Interior Ministers, plus the Defense and Energy Ministries as entities.

The Latvian Ministry of Foreign Affairs said that "Consequently, Latvian businessmen exporting strategic goods to Turkey must take into account possible restrictions."

On October 14, the European Union Foreign Affairs Council also condemned Turkish military activities in northeastern Syria, "which threaten stability and security in the region and increase the suffering and displacement of civilians and severely curtail humanitarian aid." 

Any businesses wanting to be kept abreast of sanctions regimes is invited to register from an informative email at: [email protected].

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