Turkey: The threat of sanctions that Washington has warned businesses should not worry after doing business with approved Russians, Turkey's finance minister said on Friday.
The first official response from Ankara to a letter sent by the US Treasury to Turkish businesses on Monday can be seen in tweets by Nureddin Nebati.
Turkish banks and businesses were warned by US Treasury Deputy Secretary Wally Adeyemo not to work with Russians that were sanctioned in response to the Russian invasion of Ukraine because they risk receiving secondary sanctions.
Between May and July, the value of Turkey's trade with Russia increased by about 50%.
According to Nebati the letter "should not cause concern in our business circles". Turkey is one of the most important political and economic power centers in the world.
With good relations with both Moscow and Kyiv, NATO member Turkey has attempted to maintain neutrality in the conflict and opposes engaging in international sanctions.
At a summit in the Black Sea resort of Sochi earlier this month, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan decided to expand their economic cooperation.
US officials are concerned that the Russians who have been sanctioned are setting up Turkish companies to do business abroad.
He worries that similar actions are being taken by European businesses to circumvent EU sanctions against Russian businesses.
In a sanctions-free framework, Nebati said Turkey was "determined to develop our commercial relations with our neighbors in various sectors, especially tourism."
The US concerns are partly a result of Turkey's decision to pay in rubles for natural gas imported from a large company with the Kremlin Gazprom.
Washington is also concerned that Russia may acquire technology whose export is restricted by Washington and the EU through Turkey.
An analysis of Wall Street Journal data showed that since the start of the year, Russians have started more than 500 businesses in Turkey, more than double the amount they started the previous year.
Erdogan has argued that since Turkish industries are heavily dependent on Russian energy imports, Turkey should maintain its "neutrality" in the conflict.
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