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Zero Hedge

Lira Crashes As US Reportedly Readying Sanctions Against Turks

<p>Escalating rhetoric is about to turn into economic actions as Bloomberg reports <strong>Washington has prepared a list of Turkish entities and individuals that it will target should it decide to impose sanctions on Recep Tayyip Erdogan’s government</strong> for imprisoning U.S. citizens and employees of its diplomatic mission, according to two people with knowledge of the matter.</p>

<p>The Lira collapsed to record lows... at <strong>4.972 / USD.</strong></p>

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<p>Bloomberg adds that while negotiations to release one of the people, evangelical Pastor Andrew Brunson, are ongoing, the preparation of the so-called “designation packages" <strong>shows how close the U.S. has come to imposing unprecedented penalties against a NATO ally</strong>.</p>

<p>Turkey's ETF is also tumbling...</p>

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<p>Interestingly, <strong>the sanctions are being prepared under the Global Magnitsky Act of 2016,</strong> which allows the U.S. government to target individuals, companies or other entities involved in corruption or human-rights abuses anywhere in the world. Sanctions under the act allow for the seizure of assets in the U.S., travel bans and prohibitions on doing business with U.S. entities.</p>

<p>These is the same method of sanctioning that has been used to target Putin's closest allies.</p><img src="" height="1" width="1" alt=""/>