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Turkish oil refining giant Tupras shies away from Russia

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Turkiye’s largest oil refiner, Tupras, is restricting purchases of Russian crude and petroleum products to comply with U.S. sanctions.

Axar.az reports that from February 27, the company will no longer accept shipments exceeding the G7-imposed price cap ($60 per barrel for crude, $100 for premium fuels, and $45 for discounted ones).

This decision aligns with Western efforts to curb Russia’s energy revenue and follows new sanctions imposed by the Biden administration on January 10.

Russia had become Turkiye’s top oil supplier after the 2022 invasion of Ukraine, with Tupras accounting for a significant portion of imports. However, the crackdown on sanctioned shipments and the designation of Moscow-based insurer Ingosstrakh on the U.S. blacklist have prompted caution among buyers. Turkiye’s strategic location as a major transit hub adds to the significance of Tupras’ shift.

The move signals growing difficulties for Russia in maintaining oil exports, as both India and China have also shown hesitation in dealing with sanctioned shipments.

Date
2025.02.14 / 16:24
Author
Axar.az
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