Tüpraş, Turkey’s largest oil refiner, is reducing its imports of Russian crude and petroleum products to avoid running afoul of US sanctions, Bloomberg reported.
The move comes after Washington imposed sweeping restrictions on Moscow’s energy sector last month.
Starting February 27, Türkiye Petrol Rafinerileri AŞ (Tüpraş) will no longer accept shipments that exceed the price caps set by the Group of Seven nations, a source familiar with the decision told Bloomberg. The company had already stopped purchasing Russian oil priced above the cap after the sanctions were announced on January 10, but it will continue receiving previously agreed deliveries until the cutoff date.
The latest measures by the US targeted 161 tankers, major Russian oil producers and key traders while also blacklisting Ingosstrakh Insurance Co., a Moscow-based company that provided coverage for many shipments. The sanctions have made buyers more cautious about dealing with Russian oil, including major importers like Turkey, India and China.
Tüpraş, which sources a significant portion of its crude from Russia, had been among the largest buyers of Urals-grade oil. Vessel tracking data compiled by Bloomberg indicates that the company’s purchases accounted for roughly 5.5 percent of Russia’s seaborne crude exports last year.
Russia became Turkey’s top oil supplier following its 2022 invasion of Ukraine, supplying around 65 percent of the country’s crude and petroleum imports. However, the new restrictions could force Tüpraş to seek alternative sources to comply with the G7-imposed price limits of $60 per barrel for crude, $100 for premium fuels and $45 for discounted products.
Turkey plays a crucial role in global oil trade, as its Bosporus and Dardanelles straits serve as vital transit routes for energy shipments worth hundreds of billions of dollars each year. The country has previously emphasized that vessels passing through its waters must have proper insurance coverage.
It remains unclear whether Tüpraş will continue to buy Russian crude at prices below the cap or shift to other suppliers. Moscow has previously stated that it will not sell oil to buyers who adhere to the Western-imposed limits.