US threatens to cut Türkiye from SWIFT over Russian ties

The US has threatened to disconnect Türkiye from the international SWIFT payment system and dollar transactions due to its cooperation with Russia, according to Hakan Topkurulu, the deputy chairman of the Vatan Party.

In an interview with Russian media, Topkurulu indicated that Ankara might have to reduce its trade with Moscow in response, Caliber.Az reports.

"Türkiye cannot resist Washington’s pressure," he remarked.

It was earlier revealed that, since mid-September 2024, the US has significantly tightened control over banking operations between Türkiye and Russia. This increased scrutiny has led to a worsening situation for bilateral payments, with US financial authorities reportedly requesting details on the sources of money transfers.

A source from one of Türkiye's state banks highlighted that these operations are now under intense oversight by US regulators. American authorities have been issuing stern warnings to Turkish banks regarding the risks of facilitating remittances from Russian entities.

"The US policy towards Türkiye's financial institutions has become quite severe, with threatening undertones in correspondence to banks," said the bank representative.

He further added that US financial authorities are closely monitoring all banking transactions between Türkiye and Russia, consistently inquiring about the origins of the funds. Another source within the Turkish financial sector confirmed that, due to the strengthened sanctions regime enforcement, Turkish banks have been receiving explicit warnings from US officials to strictly regulate the sources of these financial transfers.

By Tamilla Hasanova