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EU imposes Turkey asset freezes

Posted on: 4 March 2020

The EU has now made its first designations under the Turkey sanctions, says Daniel Martin, HFW’s partner specialising in sanctions, in a recent briefing.

These are limited to two individuals, both connected with Turkish Petroleum Corporation (TPAO) – see below. TPAO has not been designated at this time, and nor have Yavuz or Fatih, the vessels referred to below.

HFW’s pre-Christmas briefing set out the background to the EU’s adoption of a legal framework to impose asset freezing measures against certain individuals and entities in Turkey. The framework was adopted in response to Turkish drilling activities in the Eastern Mediterranean and Aegean Sea.

The effect of the asset freeze is that it is now prohibited to make any funds or economic resources available, directly or indirectly, to or for the benefit of these two individuals. That does not prevent dealing with TPAO itself or the two vessels.

Please click here to read the briefing in full.

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