Recently, I have been focusing more on developments in the Türkiye's economy, which has left me with little time to write about other political-economic topics. However, U.S. Treasury Secretary Janet Yellen’s recent comments provided an opportunity to delve into these issues once again.
In her assessment of sanctions on Russia, Yellen highlighted that they are closely monitoring the situation and noted that the sanctions are most frequently breached by China, the United Arab Emirates, and Türkiye. She also mentioned that they are keeping a close eye on Europe and reiterated her call for compliance with the sanctions. It’s understandable that the U.S., given the ongoing war in Ukraine, is taking active measures against Russia. However, it’s also evident that the U.S. does not treat all countries trading with Russia equally.
During a meeting with American bankers, Yellen discussed the secondary sanctions implemented last December, which aim to hinder Russia’s efforts to procure goods for the war in Ukraine. She emphasized the need for more stringent efforts and urged European bank executives to be more vigilant about sanctions. Yellen expressed concern over the sanctions breaches by China, the UAE, and Türkiye but made no mention of Greece. Since the war began, Greek tankers have been transporting a significant amount of Russian oil, with the profits funneled through banks in Southern Cyprus.
While ignoring Greece’s actions, the U.S. is establishing a base in Alexandroupolis and building an FSRU (Floating Storage Regasification Unit) there. Despite the sanctions on Russia, the U.S. seems to overlook the activities of its "spoiled" European ally, Greece, while labeling Türkiye’s natural trade with Russia as "concerning."
Additionally, the U.S. periodically publishes lists imposing sanctions on Turkish companies trading with Russia. It’s no surprise that the U.S. is seizing every opportunity to act against its perpetual adversary, Russia. However, the exclusion of Greece from these discussions and actions should not be overlooked.
Lately, Greece has been making moves to soften its stance towards Türkiye, with corresponding actions and statements from Türkiye. There is nothing wrong with Türkiye normalizing relations with its neighbor—this is indeed a desirable outcome. However, it is crucial to note that the ongoing double standards of the U.S. could have detrimental effects on Turkish-Greek relations.
Lastly, it’s worth remembering that Türkiye’s EU membership process, particularly the critical negotiation chapter on energy, has been blocked by Greece and Southern Cyprus.
