The US government imposed sanctions on Turkey over the acquisition and testing of the S-400 Russian defence missile system, further straining relations between the two Nato members.
The State Department announced the sanctions under the Countering America's Adversaries through Sanctions Act, passed by Congress in 2017.
It is designed to penalise any significant transactions with Russia. The estimated cost of the S-400 missile system is $2.5 billion.
Despite pressure from Congress, the Trump administration delayed sanctions on Ankara, even after the country installed the Russian system in July 2019 and began testing it in October.
"Today’s action sends a clear signal that the US will fully implement Caatsa Section 231 and will not tolerate significant transactions with Russia’s defence and intelligence sectors," Secretary of State Mike Pompeo said.
Mr Pompeo said Turkey "knowingly [engaged] in a significant transaction with Rosoboronexport, Russia’s main arms export entity, by procuring the S-400 surface-to-air missile system".
The sanctions include a ban on all US export licences and authorisations to Turkey's Presidency of Defence Industries, Ankara's military procurement agency, and an asset freeze and visa restrictions on Ismail Demir, its president, and other officers.
Christopher Ford, assistant secretary of state for international security, said the sanctions barred the Presidency of Defence Industries from obtaining US export licences.
Mr Ford said they prohibited it from receiving US loans of more than $10 million, banned assistance from the Export-Import Bank of the US and required Washington to use its influence with international financial institutions to block loans to the agency.
“I would in no way underestimate the importance of cutting off the main military procurement entity of a military ally from items coming from the US defence industrial base,” he said.
Congress passed the final version of the US annual defence bill on Friday, which included a provision requiring the president to sanction Turkey over the S-400 sale.
Although President Donald Trump has threatened to veto the bill after Congress’ refusal to include unrelated language repealing liability protection for social media companies, the Senate and the House passed it with veto-proof majorities.
The defence bill stipulates that the president can remove the sanctions if Turkey relinquishes the Russian missile system.
But Turkish President Recep Tayyip Erdogan refuses to be moved on the S-400 issue, saying on Friday that US sanctions would be “disrespectful”.
Turkey on Monday condemned the imposition of long-anticipated US sanctions.
In a statement, the Foreign Ministry said Turkey would take “the necessary steps” in response, adding that the sanctions would “inevitably negatively affect” relations with the US.
Last year, Mr Erdogan raised the possibility of closing Incirlik air base in southern Turkey in response to possible sanctions.
Incirlik has hosted US aircraft since the 1950s and is used to fly missions into Syria and Iraq. It also houses nuclear warheads.
The US also has a radar base at Kurecik in Malatya, eastern Turkey, and another air base in the western province of Izmir.
The ministry said Turkey had proposed setting up a Nato working group to address its use of the Russian-built defence system in an “objective and realistic ground, free from political prejudices”.
The EU also imposed narrow sanctions on Turkey over its energy exploration in the Eastern Mediterranean amid growing tension with Greece and Cyprus caused by Ankara's drilling and military presence off the coast of the disputed island.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
CHELSEA SQUAD
Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku.
THE%20HOLDOVERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAlexander%20Payne%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Paul%20Giamatti%2C%20Da'Vine%20Joy%20Randolph%2C%20Dominic%20Sessa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3C%2Fp%3E%0A
Your Guide to the Home
- Level 1 has a valet service if you choose not to park in the basement level. This level houses all the kitchenware, including covetable brand French Bull, along with a wide array of outdoor furnishings, lamps and lighting solutions, textiles like curtains, towels, cushions and bedding, and plenty of other home accessories.
- Level 2 features curated inspiration zones and solutions for bedrooms, living rooms and dining spaces. This is also where you’d go to customise your sofas and beds, and pick and choose from more than a dozen mattress options.
- Level 3 features The Home’s “man cave” set-up and a display of industrial and rustic furnishings. This level also has a mother’s room, a play area for children with staff to watch over the kids, furniture for nurseries and children’s rooms, and the store’s design studio.
BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
