Shipping companies are the latest to feel the effects of “the West’s very tight blockade against the Turkish banking system”, according to a report by Turkish publication Ekonomim. In December, the US announced that any financial institutions enabling business with Russia could be subject to secondary sanctions, with Washington determined to raise the effectiveness of the Ukraine War-triggered sanctions it has imposed on Moscow. There are indications in Turkey’s official trade figures that the move is achieving the kind of results US sanctions enforcers are hoping for. Ekonomim noted that the …
