Economics
EU Walks Turkey Tightrope With Limited Sanctions on Drilling
- Asset-freeze decision stops short of targeting any companies
- Move reflects the bloc’s political balancing act with Ankara
Photographer: Chris Ratcliffe/Bloomberg
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The European Union blacklisted two Turkish nationals as retaliation over Ankara’s energy drilling off Cyprus in a move that has more political symbolism than economic punch.
The EU asset freezes and travel bans on two employees of Turkish Petroleum Corp. make good on the bloc’s months-long vow to counter Turkey’s oil and natural-gas exploration in waters that are part of the exclusive economic zone of member country Cyprus. The sanctions also are the first of their kind in response to the actions of a nation seeking to join the EU.