Turkey rebuffs charges t is violating UN sactions on Iran

Turkish officials yesterday rejected allegations that Turkish banks or companies are in violation of UN sanctions imposed on Iran over its controversial nuclear program. "Turkey's exports to Iran in 2009 totaled only $2 billion, while Iran's total imports were worth $68 billion," Trade Minister Zafer Caglayan said at a meeting hosted in Istanbul by the American Business Forum in Turkey. "And the remaining $66 billion was owed by American and European companies. There is no way that Turkey would breach sanctions on Iran." Saying that Turkey plans to boost its trade volume with Iran to $30 billion over the next five years, Caglayan underlined, however, that the UN sanctions on Iran are also binding on Turkey. "We're not trying to breach the sanctions. Everything we do, either in banking or trading goods, is transparent and open," he added.