ENERGY: Brussels mulls cutting finance to Turkey over Cyprus dispute

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Suspending €145.8 mln in enlargement funds and "reassessing" the European Investment Bank’s investing in Turkey, are among measures Brussels could impose in response to Ankara’s illegal drilling in Cyprus’ EEZ.

The European External Action Service and the European Commission have prepared this options for the upcoming ministerial meetings next week, a well-informed diplomatic source told the Press in Brussels.

In addition, the EU Commission will suspend a series of "high-level" dialogues at ministerial level in the economy, agriculture, energy and transport sectors as well as hold off any EU-Turkey summits at the moment.

The Commission is also expected to state that it is ready to propose targeted measures against companies and persons related to Turkey`s drilling activity in a second phase "at a time when Member States will consider it necessary," the diplomatic source said.

What measures are to be implemented against Turkey will be discussed by EU Foreign Ministers next week.