There is an old, unforgiving rule in financial markets: when the relationship between risk and return appears to have broken down, it is rarely the risk that has disappeared. More often, it is the market's willingness to recognize it.

By activating the collective defense mechanism, the Turkish government is not only joining a war in Yemen but also becoming part of a regional conflict that could have much larger consequences than Ankara anticipates. As this regional war drags on, the stakes will rise for all parties, pushing them to take greater risks. Ankara may therefore find that what begins as a limited military deployment in Saudi Arabia ultimately ends centuries of relative peace between Turkey and Iran.

On October 5, 2026, Turkey, Saudi Arabia, and Pakistan agreed in Riyadh "to move immediately to the practical implementation of the collective defense commitments" under the Mecca Joint Defense Agreement. The decision puts the pact to its first real test and raises the question of how far Turkey is prepared to go in Saudi Arabia's defense. Our experts weigh in.

Last week, Saudi Arabia called an urgent meeting of the military chiefs of Turkey and Pakistan under the Mecca Joint Defense Agreement, as Houthi attacks on the kingdom intensified. When the chiefs met in Riyadh on September 25, they discussed intelligence sharing, military coordination and the integration of defense capabilities. The meeting has renewed the question of whether Turkey could be drawn into the war in Yemen.

Over the weekend of September 11–13, Yemen's Houthis captured the Red Sea port of Mocha and the island of Perim, completing their takeover of Yemen's Red Sea coast and increasing their control over the Bab al-Mandeb strait. Saudi Arabia was forced to shut down a critical oil pipeline that had become one of the kingdom's principal outlets to the sea after Iran's closure of the Strait of Hormuz.

On September 3, Turkey's central bank took back 16 tons of gold that it had pledged as security for a loan of roughly $1.8 billion in dollars. It was the last in a series of such deals that began with the Iran war, and the return lifted Turkey's gold reserves to 791.4 tons.

This report aims to reveal and analyze the criminal acts and/or omissions of the Turkish authorities against individuals alleged to be affiliated with, connected to, or members of the Gülen Group in the context of violations of the right to property as crimes against humanity.

Most of the Russian propaganda in Turkey is not overtly conducted by Russian state-affiliated media outlets. Eurasianists in Turkey carry out the Kremlin’s bidding to influence Turkish public opinion in favor of Russian war efforts. They blame the West, specifically NATO and the US, for instigating the war in Ukraine and causing regional instability. They also attack Turkey's political opposition for their milder views on NATO and the US and recommend that the Turkish government prioritize its relations with Russia.

Türkiye’nin KHK sorununa muhalefet partilerinin yaklaşımlarının ne düzeyde yeterli olduğu sorgulamasından yola çıkarak hazırlanan bu rapor, muhalefet partileri başta olmak üzere bu sorunun üzerine gitme vaadinde bulunan her türlü oluşuma analitik ve hukuksal bir çerçeve sunmayı amaçlamaktadır. Bu bağlamda rapor KHK mağdurlarını, maruz kaldıkları idari ve/ veya adli işlemleri gözönünde bulundurarak kategorize etmekte ve her bir kategoriyi kendi şartları çerçevesinde irdeleyerek çözüm önerileri sunmaktadır.

O presente relatório tem por objetivo suscitar e analisar os atos escandalosos e/ou omissões das autoridades turcas contra indivíduos - a quem alegam estar afiliados, ligados ou membros do Grupo Gülen - no âmbito da competência legal do crime contra a humanidade.

Ce rapport vise à susciter et à analyser les actes et/ou omissions scandaleux des autorités turques à l’encontre de personnes – qui, selon elles, sont affiliées au Groupe Gülen, y sont liées ou sont membres de celui-ci – relevant du crime contre l’humanité.  

This report aims to elicit and analyze the outrageous acts and/or omissions of the Turkish authorities against individuals –whom they claim are affiliated with, connected to, or members of the Gülen Group– within the legal purview of crime against humanity.