Trump to Sign Executive Order Granting Treasury Power to Sanction Turkey

President Donald Trump will sign an executive order giving the Treasury Department “very significant” new sanctions authorities to target the Turkish government, Treasury Secretary Steven Mnuchin said Oct. 11. The authorities will include primary sanctions and secondary sanctions, Mnuchin said, but stressed the U.S. is not yet activating the sanctions. “We are putting financial institutions on notice that they should be careful, and that there could be sanctions,” Mnuchin said. “Again, there are no sanctions at this time, but this will be the broadest executive authorities delegated to us.”

Mnuchin said he is “not going to telegraph” when the sanctions may take effect. “These are very powerful sanctions,” Mnuchin said. “We hope we don’t have to use them. But we can shut down the Turkish economy if we need to.” Mnuchn also said Secretary of State Mike Pompeo has been speaking “daily” with lawmakers, including Sens. Lindsey Graham, R-S.C., and Chris Van Hollen, D-Md., who announced a framework for sanctions against Turkey on Oct. 9 (see 1910100049).

“I think the message to Congress is -- I know that people were contemplating sanctions. We’re on top of sanctions,” Mnuchin said. “The President will use them when necessary.” The sanctions stem from Turkey’s ongoing military operation in Syria, Mnuchin said.