Türkiye imports of Russian oil doubles filling the gap of Russian oil exports created by EU import ban

MOSCOW (The HQ News) – Türkiye has increased it oil  imports of Russian oil by doubling the quantum which has filled the gap created by EU import ban of Russian oil due to the Russia-Ukraine conflict.

 Türkiye and Russia are set for broader cooperation in business and especially energy trade in the face of western sanctions against Moscow as Russian President Vladimir Putin and Türkish President Tayyip Erdogan met early in August and agreed to boost business cooperation.

Trade between Turkey and Russia has been booming since spring as As per international market sources Türkiye increased oil imports from Russia, including Urals and Siberian Light grades, beyond 200,000 barrels per day (bpd) so far this year compared to just 98,000 bpd for the same period of 2021.

Major factor in this massive oil imports increase from Russia are the Türkish companies not banned from dealing with Russian counterparts who have aggressively invested in the sector.