Reuters reveals U.S. ready to sanction Turkey over Russia defense system; market reacts

Reuters was first to report that the United States was set to impose sanctions on Turkey in coming days over its acquisition last year of Russian S-400 air defense systems, a long-awaited move that is likely to worsen already problematic ties between the two NATO allies and complicate relations for the incoming administration of President-elect Joe Biden. A senior Turkish official, reacting to the report, said U.S. sanctions would backfire and harm relations between the two NATO members.

Market Impact

Following the Reuters report, the Turkish lira extended losses against the dollar, weakening as much as 1.4% from the prior day’s close, as U.S. sanctions could harm the struggling Turkish economy.

Article Tags
Topics of Interest: Politics
Type: Reuters Best
Sectors: Economy & Policy
Regions: EuropeMiddle EastNorth America
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
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