Banks, others, put on notice: sanctions for Turkey coming (but what are they?)

Banks and “other parties” are advised to be on notice of potential actions by the Treasury Department as it develops sanctions targeting Turkey for “any potential human rights abuses or destabilizing actions in Syria,” the agency said Friday.

In a release, Treasury said an “impending presidential executive order” will authorize the department to sanction Turkish government agencies and officials. However, the release did not say what those sanctions are (or will be), or what banks and other entities should be on notice for.

The Treasury release did say that the executive order “will delegate to the Secretary of the Treasury, in consultation with the President and the Secretary of State, authority to designate individuals and entities of the Government of Turkey involved in human rights abuses or actions leading to the further deterioration of peace, security, and stability in northeastern Syria.”

It added that the order also will give the Treasury Secretary authority to impose secondary sanctions on those engaging “in knowing and significant transactions with designated individuals and entities of the Government of Turkey.”

Treasury Developing New Authorities to Target Turkey for Any Potential Human Rights Abuses or Destabilizing Actions in Syria

 

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