Türkiye: Russian Oil Imports Drop After US Sanctions

Türkiye has cut Russian oil imports by nearly 4 times following tougher US sanctions against Russian energy companies and tankers, Orda reports, citing The Moscow Times.

February shipments of Urals crude to Türkiye dropped to 0.42 million tons from 1.56 million tons in January.

Türkiye's largest refiner, Tupras, now requires all shipments to comply with the $60 per barrel price cap.

Turkish refineries are turning to African suppliers instead, with Libyan imports quadrupling and Nigerian oil reaching a four-year high.

Analysts estimate Russia could lose up to one-third of its seaborne oil exports, costing its budget approximately 2 trillion rubles in revenue this year.