ANKARA, Turkey — The sanctions-busting case against Iranian-Turkish gold trader Reza Zarrab, a former Turkish minister and other prominent suspects kicks off soon in a New York court. As the first hearing nears, tensions between Turkey and the United States are shooting up, atop an unprecedented visa crisis in October. Ankara now charges that the case is an American plot against Turkey, unnerving investors and fueling turmoil in the Turkish economy.

Speaking after a Nov. 20 Cabinet meeting, government spokesman Bekir Bozdag described the case as “a clear plot against Turkey” that lacked a legal basis and is aimed to harm Turkey’s ties with Iran and Russia.

The Turkish central bank is also under fire for the country’s economic woes. On Nov. 17, President Recep Tayyip Erdogan claimed that the problems of rising inflation and high interest rates remained unresolved because those in charge were employing a “Western mentality” in their solution efforts and were thus “serving the interest-rate lobby.” Lashing out directly at the central bank, he said, “The central bank’s [forecasts] have been off the mark. They say, ‘The central bank is independent, so don’t interfere.’ It is coming to this point because we are not intervening.”

Erdogan and Bozdag’s remarks stoked a sense of insecurity at the markets. The Turkish lira tumbled to a record low and interest rates rose further. The price of the dollar hit 3.97 liras, while those of the euro and the British pound exceeded 4.5 liras and 5 liras, respectively.