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EU Gives Sanctions Warning; Ball In Erdogan's Court Until March 2021

TURKEY
  • EU confirms it will sanction ~6-10 Turkey officials and firms associated with East Med drilling activities and should be formally adopted in the next few weeks
  • composed of travel bans and asset freezes.
  • Falls short of hardline calls for arms embargo or overhaul of EU ties, but harsher measures will be subject to a reassessment in March to assess Turkey's level of compliance
  • Effectively amounts to a warning shot at Turkey
  • Erdogan has reiterated that he will continue to exercise Turkey's right to drill in its waters
  • Will be interesting to see how he reacts in the coming weeks.
  • In the short-term he's likely to hold his position on defending Turkey's sovereign rights
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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