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Recent sanctions imposed by the European Union, United Kingdom, and the United States on Turkey and certain Turkish persons will be of interest to European and American investors in Turkey’s defense and energy sectors. The following update contains a summary of each regime.
EU SANCTIONS
Since 2019 there have been ongoing tensions between the Cyprus and Turkey as a result of drilling activities conducted by Turkey in the Eastern Mediterranean and not authorised by Cyprus. On 11 November 2019, EU member states adopted a series of sanctions measures to be imposed on “
UK sanctions relating to unauthorised drilling activities
This page provides guidance on the UK’s sanctions regime relating to unauthorised drilling activities in the Eastern Mediterranean
From:
The unauthorised drilling activities sanctions regime
The Unauthorised Drilling Activities in the Eastern Mediterranean (Sanctions) (EU Exit) Regulations 2020 came fully into force on 31 December 2020. They put in place sanctions measures to discourage any hydrocarbon exploration, production or extraction activities which:
have not been authorised by the Republic of Cyprus in its territorial sea, or are
in its exclusive economic zone
on its continental shelf
This includes, in cases where the exclusive economic zone or continental shelf has not been delimited in accordance with international law with a State having an opposite coast, activities which may jeopardise or hamper the reaching of a delimitation agreement.