Jun 27, 2018

Tensions between Turkey and the United States show no signs of abating, as a top Turkish official declared that the United States’ demands to stop trading oil with Iran would go unheeded by Ankara.

The country’s Economy Minister Nihat Zeybekci told a press conference June 27, “The decisions taken by the United States on this issue are not binding for us,” adding that Turkey would only fall in line behind a United Nations resolution to the same effect. “We recognize no other [country’s] interests other than our own,” he said. Zeybekci’s comments followed the Donald Trump administration’s announcement yesterday that it will impose sanctions against all importers of Iranian oil by Nov. 4. Iran remains Turkey’s biggest source of crude oil imports, accounting for nearly half of its foreign supply in the first quarter of this year, the state-run Anadolu news agency reported.

Turkey’s economy is looking increasingly shaky with the Turkish lira shedding around one-fifth of its value against the greenback since the start of the year. The increase in oil prices triggered by the US threat of sanctions will add to the financial burden, and Turkey and Iran will undoubtedly seek ways to continue trading, as it serves both sides. Iran is experiencing its own share of economic woes, sharpened by Washington’s withdrawal from the Iran nuclear deal and its decision to reimpose sanctions. Tehran has been racked by protests over the past week over the dizzying decline in the value of its national currency. They were the biggest demonstrations in recent years, multiple news outlets have reported.

Iranian President Hassan Rouhani was among the first world leaders to congratulate his Turkish counterpart Recep Tayyip Erdogan for his victory in the June 24 presidential polls.

According to the official website of the Iranian president, Rouhani told Erdogan, “The holding of glorious elections in Turkey in full peace and security is a pleasure for the Iranian nation and government. … The people of Turkey showed the world that they are able to implement and display democracy at its best in an Islamic country.”