Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 74

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 74
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’s energy and defense sectors. Following these sanctions,
thousands of Russians and Ukrainians have fled to Türkiye to stay, invest, and hold assets because Türkiye has not imposed any
sanctions on Russia except for the closure of the Bosporus and Dardanelles straits to warships. Türkiye may reconsider its current
sanction-free policy in light of international pressure and any further sanctions that may be imposed by the aforementioned countries,
which in turn would require Türkiye to impose sanctions on Russia. If Türkiye were to impose such sanctions, they may have a
material adverse effect on Türkiye’s economy and financial condition due to Türkiye’s significant trade, natural
gas supply and tourism relationships with Russia. Heightened tensions, if any, between Türkiye and Russia or the U. S. over events
in Ukraine could materially negatively affect global macroeconomic conditions and the Turkish economy. Heightened tensions between Türkiye
and other international trading partners who condemn Russia’s war in Ukraine, or any increased tensions between Türkiye and
Russia or disruption of their trading, natural gas supply and tourism relationships could materially negatively affect the Turkish economy,
and directly or indirectly have a negative impact on our business and results of operations.

Additionally, Türkiye also has an important
trading and tourism relationship with Ukraine. In 2024, Türkiye received 6.7 million and 0.9 million tourists from Russia
and Ukraine, respectively, representing 12% of all international tourists in 2024. In addition, Türkiye is a net energy importer,
and depends significantly on Russia to meet its domestic energy requirements, particularly with regards to its consumption of natural
gas. Türkiye and Russia also cooperate in other industries, such as construction, including the ongoing construction of the Akkuyu
Nuclear Power Plant. Ukraine is also a strategic partner of Türkiye and the two countries have in recent years increased their
cooperation in the defense industry. While ending the war in the region has been identified as an important short-term goal for the new
U. S. administration and Europe, due to Türkiye’s close relationship with, and geographic proximity to, both Russia and Ukraine,
the negotiation process that we expect to occur between these countries in the near future or any continued or increased escalation of
hostilities is likely to have an increasingly adverse effect on Türkiye’s political, economic, and financial position.

In addition, because Türkiye is a member
of NATO, any confrontation between the armed forces of a NATO