BREAKING NEWS

Turkey: Iran sanctions won't harm trade between 2 countries

By ASSOCIATED PRESS

OCTOBER 20, 2010 18:28

WASHINGTON — Turkey said Wednesday that US and EU sanctions have led to hesitation by Turkish banks on doing business with Iran. But Turkish Deputy Prime Minister Ali Babacan told reporters in Washington that he expects overall Turkish trade with Iran to increase.

Babacan that the Turkish government has let Turkish banks make their own decisions in the face of sanctions aimed at isolating Iran from the global financial sector. The sanctions target individuals and institutions deemed to be helping Iran develop its nuclear and missile programs.

"Turkish banks are hesitating," he said. "Some of them are doing business with Iran, some are pausing to decide what to do."

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