The United States warned Turkey’s leading business group of likely sanctions risks this week if its companies transact with Russian entities and individuals targeted by Washington over Moscow’s invasion of Ukraine.
U.S. Deputy Treasury Secretary Wally Adeyemo addressed the letter to the TUSIAD business association, which has some 45,000 members. Nureddin Nebati Turkey’s finance minister regarded any concerns arising from it as “meaningless” on Friday.
NATO member Ankara disputes Western sanctions on Moscow and has boosted tourism and trade with Russia even as it opposes the invasion. It has also vowed that the sanctions will not be evaded in Turkey.
Several Turkish firms have bought or sought to purchase Russian assets from Western partners retreating due to the sanctions, while others retain major assets in the country. Here is a partial list:
TURKISH FIRMS THAT BOUGHT OR SOUGHT TO PURCHASE RUSSIAN ASSETS SINCE THE WAR STARTED:
* Belgian brewer Anheuser-Busch InBev said in April it was holding active talks to sell its minority stake in its Russian joint venture AB InBev Efes to Turkish partner Anadolu Efes (AEFES.IS).
* Turkey’s Koc Holding’s (KCHOL.IS) appliances behemoth Arcelik (ARCLK.IS) clinched a share purchase deal with U.S.-based Whirlpool (WHR.N) for all shares in the latter’s Russian units Whirlpool RUS LLC and Indesit International JSC for $233 million.
* Turkey’s Fiba Retail is holding discussions to become a franchise partner for Spanish chain Mango’s Russia stores, Russian media reported.
* Turkey’s Flo Shoes reported in May that it was holding talks to acquire over 100 stores owned by fitness brand Reebok in Russia.
TOP ISTANBUL-LISTED COMPANIES RETAINING RUSSIAN ASSETS BASED ON DISCLOSURES:
* Glass and glass products producer Sisecam owns four Russian subsidiaries with 31.88 billion roubles ($530.4 million) in assets. The company posted its annual production capacity in Russia to be 1.6 million tons at the end of last year.
* Conglomerate Zorlu’s appliances business Vestel holds Russian assets worth 8.81 billion roubles. With its operational business and sales, Vestel’s Russian assets amount to 9.30 billion roubles.
Buy Crypto Now* Is Bank’s Russian subsidiary totals 4.76 billion roubles.
* Conglomerate Koc Holding’s Arcelik has sole ownership of Russian unit Beko LLC which has 4.28 billion roubles in assets.
* Construction mogul Enka’s Russian subsidiary amounts to 3.85 billion roubles in assets.
* Denizbank’s Russian subsidiary totals 1.13 billion roubles in assets.
($1 = 60.1 roubles)
