trending Market Intelligence /marketintelligence/en/news-insights/trending/fS6Rfs48HZnaca0uD-3DdA2 content esgSubNav
In This List

Report: US offers Turkey deadline over Russian missile deal as sanctions loom

Podcast

Street Talk | Episode 94: Recessionary fears in ’22 overblown, Fed could overtighten

Blog

Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds

CASE STUDY

Deep Market Intelligence Helps a Credit Union Craft a Successful Expansion Plan

Blog

Global M&A By the Numbers: Q1 2022


Report: US offers Turkey deadline over Russian missile deal as sanctions loom

The U.S. gave Turkey about two weeks to cancel a weapons deal with Russia or face new sanctions, CNBC reported, citing several sources familiar with the matter.

Under Washington's final offer, Turkey must abandon its pending purchase of Russia's S-400 missile system by the end of the first week of June and acquire instead the Patriot missile system developed by U.S. defense contractor Raytheon Co., according to the report.

A U.S. Department of State official told CNBC and Bloomberg News that Turkey, a member of NATO, will face "very real and negative consequences" if it completes the S-400 delivery. The official said the Russian missile system would not conform to NATO standards.

In addition to fresh U.S. sanctions, Turkey would also be removed from Lockheed Martin Corp.'s F-35 fighter jet program if the S-400 deal pushes through, CNBC and Bloomberg News reported. Ankara is among the defense firm's manufacturing partners for the aircraft.

Turkish President Recep Tayyip Erdoğan ruled out Washington's earlier demand to delay the S-400 purchase to 2020, according to Bloomberg News.

Erdoğan said the S-400 missile system is a "done deal" and could be delivered by Russia before July.