Turkey Doubles Russian Oil Imports Despite International Sanctions
98,000 Barrels in 2021 → 200,000 Barrels This Year
[Asia Economy Reporter Kwon Hyun-ji] Turkey's imports of Russian oil this year have more than doubled compared to last year.
Major foreign media, citing data from the financial information platform 'Refinitiv Eikon,' reported that Turkey's average daily imports of Russian oil this year reached 200,000 barrels. This is more than twice the 98,000 barrels during the same period in 2021.
For example, Turkey's major refiner T?pra?'s imports of Russian oil average 110,000 barrels per day, about 2.5 times higher than last year's 45,000 barrels.
This is largely due to international sanctions imposed on Russia following its invasion of Ukraine, which have made Russian oil relatively cheaper. While prices for North Sea and Iraqi oil have risen this year, Russian oil prices are reportedly at historic lows.
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The United States banned imports of Russian crude oil in March, and the European Union banned imports of Russian crude oil by sea until December 5 of this year. Turkey has not joined these international sanctions; instead, it has strengthened economic cooperation with Russia, significantly increasing trade volume.
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