The Finance Minister of the Republic of Turkey, Mehmet Simsek, has declared that Turkey will follow only the United Nations sanctions in place against Iran; it will not adopt either the United States, or the European Union, sanctions, reserves the right to trade with Iran, and to finance that trade as necessary. This announcement creates a dangerous situation for international banks whose clients are engaged in business with Turkish companies, for Iranian sanctions evasion through Turkey, if not identified and interdicted in time, could result in major fines and penalties from the US and the EU. Since Dubai has taken steps of late to minimise Iranian sanctions evasion through the UAE, the use of Turkey  for that illicit purpose has a high degree of probability.

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