trending Market Intelligence /marketintelligence/en/news-insights/trending/VEj39JrrfhzXyktvmAdnnQ2 content esgSubNav
In This List

Trump to authorize sanctions on Turkish government agencies, officials

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Trump to authorize sanctions on Turkish government agencies, officials

U.S. President Donald Trump plans to sign an executive order authorizing the Treasury Department to impose sanctions on Turkey's government agencies and officials in a bid to discourage the country from taking further military action in northeast Syria.

Trump recently warned that he would "totally destroy and obliterate" the Turkish economy if Turkey were to take action in Syria that he considered "off limits."

U.S. Treasury Secretary Steven Mnuchin said the Trump administration is not yet activating the sanctions, which are being announced to also serve as a notice to banks, financial institutions and other parties.

"These are very powerful sanctions. We hope we don't have to use them, but we can shut down the Turkish economy if we need to," Mnuchin said in a press briefing at the White House.

Without providing names, Mnuchin said the sanctions will target specific Turkish individuals or departments.

"The president is concerned about the ongoing military offensive and potential targeting of civilians, civilian infrastructure, ethnic or religious minorities," Mnuchin said.

Trump said in an Oct. 8 tweet that Turkish President Recep Tayyip Erdoğan will visit the U.S. on Nov. 13. Mnuchin declined to confirm the date and said he is not aware of any changes to Erdoğan's planned visit.