The Turkish lira slid to a record low Wednesday after the White House announced it would sanction the country over the detention of a U.S. pastor, dealing a fresh blow to what has been one of this year’s worst-performing currencies.

The lira USDTRY, -0.43% recently fell 1.7% against the U.S. dollar after being essentially flat earlier in the day, bringing its loss for the year to 24%. One dollar recently bought 4.996 lira.