Iran sanctions bode ill for Turkey’s economy
As the West tightens the noose on Iran with toughening sanctions, Turkey may find itself trapped in the middle - and strong economic ties with a neighbor could be the first to suffer.
On the last day of 2011, U.S. President Barack Obama signed into law new sanctions to be imposed on financial institutions dealing with Iran’s central bank. The measures aim at hurting Iran’s ability to export oil. On Jan. 4, EU governments have “in principle” agreed to ban oil imports from Iran. How these decisions will be implemented remains to be seen - many countries including Turkey are reportedly seeking exemptions
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