Minister: Türkiye expects US to ease pressure on its financial institutions

Turkish Trade Minister Omer Bolat has said that Türkiye is expecting the US to reduce the pressure on the country’s financial institutions due to sanctions against Russia in the upcoming period. 

"Our companies are facing significant pressure in the financial sector due to the sanctions against Russia," Caliber.Az reports via Turkish media.

"Our banks, in particular, are under intense pressure. We expect this pressure to decrease or even stop altogether. If peace is achieved in Ukraine, there will be significant growth in the contracting sector both in Ukraine and Russia, as well as an increase in investments," the minister said, responding to a question about Türkiye's expectations in its relations with the US following Donald Trump’s victory in the upcoming election," he noted. 

Bolat emphasised that "the Republican Party has gained a majority in the Senate," which will allow it to "push through financial sector initiatives in Congress."

"We assess the prospects for developing trade relations with the US with cautious optimism. We expect that some of our defence industry needs will be addressed, including the lifting of the embargo and the demonstration of a more balanced, fair, and equitable approach toward Türkiye. We also anticipate a reduction in customs duties, particularly on our steel and textile products," he added.

The voting in the US election concluded on November 6 morning. While official results have not been finalised yet, according to the US media, Trump has already secured around 300 electoral votes, surpassing 270 required. Trump has declared himself the 47th president of the US. Kamala Harris, the candidate from the ruling Democratic Party, conceded defeat and acknowledged Trump as the president-elect.

By Naila Huseynova