Economic globalization, in other words the total dependence of nation states and big corporations on international credit rating agencies and the financial markets, has ushered in a new weapon for political compliance, the effectiveness of which is currently being tested on allies as well as foes by US President Donald Trump, made up of sanctions, tariffs and other protectionist measures.
Turkey and the United States have reached a preliminary agreement after the crisis over the arrest of Pastor Andrew Brunson that lead to sanctions, diplomatic sources said.
The Turkish Lira slid to a record low beyond 5 to the dollar and stocks fell on Aug. 2, after the United States imposed sanctions on two Turkish ministers over the trial of a U.S. pastor accused of backing terrorism.
Four Turkish political parties protested on August 2 against U.S. sanctions on two ministers "in the strongest way".
Turkey has strongly protested the United States and said it will retaliate the sanctions imposed on justice and interior ministers in the same way and without delay.
On 5 July 2018, the Council prolonged economic sanctions targeting specific sectors of the Russian economy until 31 January 2019.
This decision follows an update from President Macron and Chancellor Merkel to the European Council of 28-29 June 2018 on the state of implementation of the Minsk agreements, to which the sanctions are linked.
On 14 June, the Council transposed into EU law sanctions adopted by the United Nations on 7 June, imposing a travel ban and an asset freeze on six human traffickers and smugglers operating in Libya, four of Libyan nationality and two of Eritrean nationality. The individuals targeted by the sanctions are key figures in human trafficking and migrant smuggling activities in and around Libya.
A Turkish banker sentenced to 32 months in prison for plotting to help Iran evade U.S. sanctions on billions of dollars of oil proceeds took steps on May 25 to appeal his conviction in New York.