Company: MRT
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036882
Chunk: 63

Company: Marti Technologies, Inc.
Filing Date: 2025-04-29
Form: 20-F
Item: Item 3
Chunk 63
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 additional costs that might be borne by Turkish importers of oil (and
thus on the country’s current account deficit) or any sanctions that might be imposed for violations of these requirements and/or
Türkiye’s relationship with Iran, could have a material adverse impact on the Turkish economy and thus have a material adverse
effect our business, financial condition, and results of operations.

In December 2017, Türkiye entered into a
contract with Russia for the purchase of S-400 missile defense systems, the first shipments of which were received in July 2019.
In December 2020, the United States announced sanctions on Türkiye’s Presidency of Defence Industries (the “ SSB”)
and its president and other senior officers for Türkiye’s continued possession of the Russian S-400 missile defense system.
The imposed sanctions include a ban on all U. S. export licenses and authorizations to the SSB, and an asset freeze and visa restrictions
on the SSB’s president and other SSB officers. While such sanctions did not have a material impact on Turkish markets, it is uncertain
if any other North Atlantic Treaty Organization (“ NATO”) member will impose sanctions or other measures (or if the U. S. will
impose additional sanctions or other measures) against Türkiye and, if imposed, how such sanctions and measures might impact the
Turkish economy and/or the relationship between Türkiye and the U. S. or any other NATO member.

On November 27, 2019, the Turkish government signed
a Memorandum of Understanding with Libya’s Government of National Accord to recognize a shared maritime boundary in the Mediterranean
running from southwestern Türkiye to northeastern Libya. This was further supported by a separate agreement signed in order to expand
security and military cooperation between the two countries. A number of countries raised objections to this agreement with Libya. On
January 2, 2020, the military resolution was accepted by the Turkish parliament and a small contingent of Turkish troops was deployed
in Libya. On the same date, Greece, Israel, and Cyprus signed an agreement for a new undersea pipeline that would carry gas from offshore
deposits in the southeastern Mediterranean to continental Europe, which might constrain Türkiye’s efforts to explore for, and
subsequently develop, offshore gas reserves in the region.

In August 2021, the Taliban, a Sharia Islamic
militant group, took over the major cities of Afghanistan (including Kabul), which has created expectations of a potential new migration
wave through