On October 14, 2019, President Trump issued an Executive order authorizing sanctions targeting the Turkish government in connection with its military operations in northern Syria. The U.S. government also announced a 50% tariff on imports of steel from Turkey and cancellation of trade agreement negotiations.
The initial sanctions announced by the Treasury Department’s Office of Foreign Assets Control (OFAC) under the order are symbolic, narrowly targeted and unlikely to have a substantial practical impact on either Turkey’s economy or on U.S. persons required to comply with the sanctions. It is quite possible, however, that additional, more significant sanctions will be imposed in short order.
Our client memorandum discusses the new sanctions and related OFAC licenses and guidance in greater detail.