Turkey has saved £1.58bn from its oil bill this year by boosting imports from Russia, it has been estimated.
As the EU placed sanctions on Moscow’s crude and refined products, Turkey continued to buy Russian oil and last month shipments of the country's flagship crude grade, Urals, to Turkey surged to a record-high level.
According to data by Reuters, shipments to Turkey make up around 14 per cent of all Russian oil exports by sea.
Imports could continue to rise after reports surfaced in October that Lukoil - a Russian oil producer - had agreed a deal with Azeri state oil company SOCAR to supply the Azeri firm’s refinery in Turkey with Russian crude.
According to data by Reuters, shipments to Turkey make up around 14 per cent of all Russian oil exports by sea
REUTERSSince the EU’s import ban on Russian crude oil, Turkey has been the largest buyer of Russian oil products - purchasing 24 per cent.
China follows second behind after buying 12 per cent of exported Russian oil products, the Centre for Research on Energy and Clean Air (CREA) said in its latest monthly assessment.
In October 2023, Turkey was the third-largest buyer of Russian fossil fuels with 15 per cent of all imports from Russia.
India has also emerged as a big buyer of Russian oil this year.
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Vladimir Putin has previously lashed out against the sanctions, complaining Russia has been “completely ignored”.
The ruble has plunged in recent months owing to a steep decline in selling abroad as the country struggles to gain revenue from oil and natural gas.
Speaking via video link at a Brics summit of emerging economies (Brazil, Russia, India, China and South Africa) earlier this year, Putin complained about the economic situation.
He said: “A total of 32 million tonnes of cargo has been exported from Ukraine and only about three percent have gone to the least developed countries - less than one million tonnes.
TurkeyAP“None of the terms of the so-called deal concerning the lifting of sanctions imposed on Russian exports of grain and fertilisers to world markets have been fulfilled.
“Obligations to Russia in this regard have been simply ignored.”
Russia’s national budget has also been under strain from Putin’s "special military operation" in Ukraine into which the Kremlin is pouring millions of rubles.