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Turkey Sanctions Update

On October 23, 2019, the Department of Treasury Office of Foreign Assets Control (OFAC) removed the sanctions imposed in Executive Order (E.O.) 13894 on the Government of Turkey’s Ministry of National Defence and the Ministry of Energy and Natural Resources, as well as the Minister of National Defence, Minister of Energy and Natural Resources, and the Minister of the Interior. OFAC stated that the removal of the sanctions was a direct result of Turkey’s adherence to the terms of a ceasefire in Syria as agreed on October 17, 2019. Pursuant to the removal of the sanctions, all property and interests in property, which had been blocked as a result of the designation of the five persons listed above, are unblocked and all otherwise lawful transactions involving U.S. persons and these entities and individuals are no longer prohibited. 

Additional legislation that would impose sanctions on various parties and industry sectors in Turkey remains under consideration by the House of Representatives and the Senate. Torres Law will continue to monitor these developments and provide updates as necessary.