ISTANBUL: Turkish banks will be excluded from Russian sanctions, industry sources told Reuters on Monday, escaping a crackdown by Moscow that could cost Turkey up to $9 billion in retaliation for the shooting down of a Russian jet last month.
The Turkish Banking Association has told banks that their Russian operations will not face sanctions from Moscow, citing information provided by Denizbank, the Turkish unit of Russia’s Sberbank, two banking sources said.
Denizbank declined to comment.
An official for the Turkish Banking Association confirmed it had received such information from Denizbank and forwarded it to other Turkish banks, but declined to give further details.
(Reporting by Ebru Tuncay; Writing by Ece Toksabay; Editing by David Dolan and David Holmes)
Reuters
