Turkey has imported more than twice as much Russian oil this year as before. The government there has not sanctioned Russia for the war in Ukraine and justifies it by being dependent on Russia’s energy supply.
Imports average more than 200,000 barrels of oil per day, data from financial services firm Refinitiv showed Monday. In the same period last year, that was only about 98,000 barrels per day.
cooperation strengthened
In early August, Russian President Vladimir Putin and his Turkish counterpart Recep Tayyip Erdogan agreed to intensify their economic cooperation. Central to the increase in imports, however, is that Russian oil currently costs Turkey significantly less than that from the North Sea or Iraq.
As a result, Turkey’s major refineries have now processed more Russian Urals and Siberian light oil, while purchases of North Sea, Iraqi and West African oil have declined. “The decision of the Turkish refineries was clear because they have no restrictions on buying Russian oil,” said a trader.
Exports in Germany plummeted
For Western countries, however, Russia is losing economic importance due to the war-related sanctions. As far as Russian oil is concerned, efforts are being made to switch to alternatives, for example from Norway. In Germany, exports to Russia also fell by 56 percent in July to one billion euros. This puts Russia in twelfth place of the most important destinations outside the EU, in fifth place before the outbreak of the war.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
