Turkish Banks Tighten Screws on Russia Over Fear of US Sanctions
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Banks in Turkey have increased scrutiny of transactions linked to Russia to avoid falling foul of US sanctions and put the NATO member more in line with Washington in efforts to undermine Vladimir Putin’s war machine.
The move has led to longer processing times for money transfers and instances where funds are sent back or delayed for days, bankers familiar with the matter said. They declined to be identified because they were not authorized to speak. The Treasury and Finance Ministry declined to comment.