Figures from the United States show that Russians have opened more than 500 companies in Turkey since the beginning of 2022, more than twice as much as last year.

U.S. officials are concerned that Russian entities and individuals are trying to trade with outsiders, circumventing sanctions.

They are also concerned about companies in Europe taking similar action.

Turkey’s finance minister said Turkish businesses should not be concerned about U.S. threats of sanctions if they do business with Russia.

Minister of Finance Turkey Nureddin Nebati said Today that the country is “determined to develop trade relations with neighboring countries in many areas, especially tourism, in a framework with impunity.”

Nebati’s statement came after U.S. Deputy Treasury Secretary Wally Adeyemo on Aug. 22 sent a letter to Turkish businesses, warning them of the risk of secondary sanctions if they cooperated with embargoed Russians.