• Register

Stock market analytics, financial forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Russia supplies oil to the EU through Turkey


May, 16 2024
watermark Economic news

Russian oil continues to enter the European Union, despite the oil embargo imposed on Russia in early 2023. This happens through Turkish ports, where oil is re-labeled as Turkish before being delivered to European countries. 


This was reported by the American edition of Politico, citing its data, as well as the results of an investigation conducted by the Center for Energy and Clean Air Research (CREA) and the Center for the Study of Democracy (CSD).


Using loopholes in the sanctions regime, in the 12 months after the ban was imposed in February last year, Russia received up to 3 billion euros for oil exports to the EU through the Turkish ports of Ceyhan, Marmara-Ereglisi and Mersin. This scheme turned out to be possible, since the EU still allows the import of «mixed» fuel if it is marked as non-Russian.


According to Politico, in the year from February 2023, Turkey increased fuel purchases in Russia by 105%, and fuel exports from Turkey to the EU increased by 107%. 


Analysts note that Turkey has become a strategic point for redirecting Russian fuel products to Europe, which brings significant tax revenues to the Russian budget.


Top Top