Turkey saved $2 billion over a year by importing cheap Russian oil and oil products - Reuters
In the future, the volume of supplies will grow even more due to new contracts between Moscow and Ankara
Turkey has saved up to $2 billion in 2023 by importing discounted oil and oil products from Russia and is seeking to increase purchases of Russian energy despite Western sanctions.
Source. Reuters calculations based on data from LSEG and traders.
Over the past year, Ankara has become the largest buyer of Russian energy resources in the Western Hemisphere, as most European countries have stopped importing oil and oil products from Russia.
Since 2022, hydrocarbon trade between Moscow and Ankara has increased sharply, as Turkey has not joined Western sanctions on Russian oil, oil products and gas.
In November 2023, Russian oil shipments to Turkey hit a historic record, exceeding 0.4 million barrels per day, accounting for about 14% of Russia's marine oil exports last month, according to LSEG and Reuters calculations.
According to LSEG and traders' estimates, oil exports from Russia to Turkey will exceed 10 million tons in 2023, with the potential for further growth after Lukoil and SOCAR sign a contract to supply crude to Turkey's largest refinery, STAR.
Background. As reported, the United States is concerned about the sharp increase in the import of military goods from Turkey to Russia. The volume of exports of such goods has at least tripled over the past year.
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