On October 14, 2019, U.S. President Donald J. Trump signed an executive order (the “Executive Order”) directing the imposition of economic and financial sanctions on certain individuals and entities in response to the Turkish government’s military invasion of northeast Syria.
The Executive Order calls for the designation as a sanctioned person of any individual or entity determined by the U.S. Secretary of the Treasury (the “Treasury Secretary”), in consultation with the U.S. Secretary of State (the “Secretary of State”): (i) to be a current or former official, or subdivision, agency or instrumentality, of the Government of Turkey; (ii) to be responsible for or involved in actions or attempts to threaten the peace, security, stability or territorial integrity of Syria or to commit serious human rights abuses; (iii) to operate in certain sectors of the Turkish economy to be identified by the Treasury Secretary, in consultation with the Secretary of State; or (iv) to have materially assisted, sponsored or provided financial, material or technological support for, or goods or services to or in support of, any person designated pursuant to the Executive Order.
