Turkish lira weakens after sources say US set to impose sanctions

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The Turkish lira extended losses against the dollar late on Thursday after sources said the United States was poised to impose sanctions on Turkey over its acquisition of Russian S-400 air defense systems.

The lira weakened as far as 7.9290 against the US currency and stood at 7.9175 at 1822 GMT, 1.25 percent weaker than Wednesday’s close.


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The US is poised to impose sanctions on Turkey over its acquisition last year of Russian S-400 air defense systems, four sources including two US officials told Reuters on Thursday, a move likely to worsen already problematic ties between the two NATO allies.

The long-anticipated step, which is likely to infuriate Ankara and severely complicate relations with the incoming administration of President-elect Joe Biden, could be announced any day, sources said.

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