The EU is targeting sanctions against Turkey for gas drilling off Cyprus. The EU should consider both a stop to negotiations on an aviation agreement and the financial payments of EU pre-accession aid, according to the draft for the EU Foreign Ministers on Monday, the news agency Reuters could see today.
Triggers are considered illegal drilling in Turkey after gas and oil off the coast of Cyprus. Turkey has occupied the north of Cyprus since 1974, and the EU and EU member Cyprus consider the entire sea area around the island national waters. The EU summit threatened Turkey with sanctions on 20 June if drilling in Cypriot waters continued.
Concerned about Israel and Egypt
The draft also calls on the European Investment Bank (EIB) to review its lending activities for Turkey. In addition, further sanctions are threatened if Turkey continues drilling.
The EU state of Cyprus and Turkey are arguing about the suspected large gas reserves in the eastern part of the Mediterranean. Turkey claims the sea territory and granted drilling licenses to the Turkish state-owned Turkish Petroleum (TP) in 2009 and 2012.
TP, in turn, has issued a license for the now disputed area in 2011, which is now looking for oil and gas on behalf of the Turkish Cypriots. Israel and Egypt were also concerned about the Turkish action in recent days.
