Turkey Follows China in Move Likely to Infuriate Putin

News Snapshot:

Turkish banks have started to refuse to work with Russian banks, according to a Russian media report, which follows a similar move by institutions in China to avoid secondary sanctions linked to Vladimir Putin's full-scale Ukraine invasion. Russian business newspaper Kommersant reported on Wednesday that Turkish banks had terminated relationships with almost all Russian credit institutions and suspended payment processing, although there was an exception for foreign subsidiary banks in Russia. Sources told the paper that dealings between Turkish banks and Russia were complicated by U.S. President Joe Biden's executive order in December imposing secondary sanctions against foreign firms that...