Ankara clever for EU and USA: Thanks to Turkey, Russia is apparently bypassing the oil embargo
Ankara refined for EU and USA
Russia apparently circumvents oil embargo thanks to Turkey
11/16/2022, 5:09 p.m
The EU does not import oil directly from Russia because of the invasion of Ukraine. But Turkey is doing it – and stronger than before. As a result, exports to the EU and the USA have increased massively. The suspicion: The embargo against Russia is supposed to be circumvented here
Russia is increasingly using oil exports to Turkey to circumvent the EU embargo. “Turkish refiners provide a one-stop shop for Russian oil exports by refining products for markets that do not want to import Russian crude directly or cannot process it themselves,” according to a report presented on the sidelines of the climate conference by the independent Center for Research on Energy and Turkey Clean Air (CREA).
Turkey has been importing more oil from Russia since the beginning of the Ukraine war. At the same time, exports of refined oil products to European countries or the USA increased by 85 percent in September and October compared to the two previous months. “A new route for Russian oil to the EU via Turkey is emerging,” emphasized the Finland-based institute. This gap in the embargo could become even more significant if the sanctions are tightened again in early December.
As part of the sixth EU sanctions package, it was decided in June 2022 that the purchase and import of Russian oil should be gradually reduced to zero. However, there are generous grace periods for this. First of all, the import of Russian crude oil within the EU is to end by December 5th. Refined products will no longer be allowed to be imported until February 5, 2023. However, there are exception rules for some states.
According to the report, Russia earned €21 billion from fossil fuel exports in October, down 7 percent from the previous month and a low since the war of aggression against Ukraine began. The economic advisor to the Ukrainian government, Oleg Ustenko, who was connected via video, called for the import ban on refined products made from Russian oil planned for February to be implemented immediately.