Russia-Turkey Trade Chills after Latest U.S. Sanctions Threat

Trade between Russia and Turkey has suffered a setback since late December with some payments for imported Russian oil cargoes delayed, as banks are boosting compliance checks following a U.S. threat to sanction financial institutions for facilitating business with Russia. In December, U.S. President Joe Biden issued an executive order, which authorizes the Secretary of the Treasury, in consultation with the Secretary of State, to potentially impose sanctions on a foreign financial institution if it is found to have “conducted or facilitated…