Economy of Iran

The European Union will prepare to expand its sanctions on Iran in response to Tehran's attack on Israel, EU top diplomat Josep Borrell said on Tuesday after an emergency video conference of the bloc's foreign ministers.

Discussed will be the developments following Iran’s attack on Israel

Empire Navigation Inc, the Greek shipowner of an oil tanker seized by Iran, said it sought any help from the US government in regaining control of its vessel in a US court filing on Thursday.

Turkish contractors have been awarded 120 projects worth a total of $8.93 billion abroad between January and July this year, data from the Trade Ministry have shown.

The average size of the contracts awarded to Turkish contractors in foreign countries was $74.5 million.

Foreign exchange assets of Turkish non-financial companies declined by $813 million from April to stand at $172.6 billion at the end of May, according to data from the Central Bank.

Their FX liabilities dropped by $3.5 billion to $254.1 billion.

The Turkish private sector's total outstanding loans received from abroad stood at $158 billion as of March, decreasing by $1.2 billion from the end of 2022.

The US confiscated Iranian oil on a tanker at sea in recent days in a sanctions enforcement operation, three sources said, and days later Iran seized another oil-laden tanker in retaliation, according to a maritime security firm.

The vessel is managed by Greece-based Empire Navigation.

Expert Jonathan Schanzer, the Foundation for Defense of Democracies' Senior Vice President for Research, joins Thanos Davelis to look into the Supreme Court decision this week that the Turkish state-owned Halkbank remains subject to criminal prosecution in US courts for conspiring to evade US sanctions against Iran.

Russian President Vladimir Putin chairs a meeting with the State Council Presidium on developing Russian industry under sanctions during a trip to Tula, Russia, 04 April 2023. EPA-EFE/GAVRIIL GRIGOROV

The US Treasury Department's top sanctions official on a trip to Turkey and the Middle East next week will warn countries and businesses that they could lose US market access if they do business with entities subject to US curbs as Washington cracks down on Russian attempts to evade sanctions imposed over its war in Ukraine.