Turkish companies stopped paying for Russian oil

Due to US sanctions, Turkish companies began to stop paying for Russian oil.

The US threat to impose sanctions on financial companies doing business with Russia has led to a “cooling” of Turkish-Russian trade, Reuters reports.

This has complicated some of Turkey’s payments for Russian raw oil, as well as payments to Russia for a wider range of Turkish exports.

Payment problems like those currently facing Turkey have already disrupted Russian oil supplies to India and hampered supplies to the UAE and China, oil traders said.

Russia is the largest exporter of crude oil and diesel to Turkey, an energy-poor NATO country. The aggressor country supplied Turkey with 8.9 million tons of crude oil and 9.4 million tons of diesel fuel in January-November 2023. The payment problems are related to the fact that Turkish banks are scrutinizing business and increasing compliance with Russian customers.

A source in a Russian oil company told Reuters that Russian oil exporters had not received payments from Turkey for two to three weeks. This information was confirmed by a source in Turkey.

Previously, USM reported that the United States had introduced new sanctions against a network of international companies involved in Rosneft smuggling.