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US Sanctions Include Turkish Firms for Support of Russia

TURKEY
  • The US Treasury and State Departments sanctioned more than 250 companies and individuals in China, Turkey and the UAE, alleging that their support for Russia has been crucial to sustaining its invasion of Ukraine, Bloomberg report. US Treasury Secretary Janet Yellen said in a statement that the sanctions will “continue to tighten the vise on willing third-country suppliers and networks providing Russia the inputs it desperately needs to ramp up and sustain its military-industrial base.”
  • Turkey's retail sales rose 13.693% y/y in October versus a revised +14.2% in September, according to the Turkish Statistical Institute. The month-on-month figure rose 2% compared to -0.6% in September.
  • Vice President Cevdet Yilmaz said the government will make tax reforms in the future, Hurriyet report. “We will increase the share of direct taxes by expanding the tax base. We will provide simplicity in taxation and remove ineffective exemptions. We will support foreign exchange-generating activities and increase tax security,” he said.
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