Russian gas exporters’ profit decreased by three times, while Turkey saved $2B thanks to Russian oil.

According to the results from January – November, Russian gas export turnover fell by three times, the Federal Customs Service of Russia reported. Gas supplies decreased in value by 69%, and in physical terms by 34% compared to last year.

As for oil, its export decreased by only 7%, despite the European embargo and the limitation of maximum prices.

“Oil suffered less because there are alternative ways of delivery,” explained the head of customs, alluding to the shadow fleet.

It is worth adding that Turkey and Turkish companies saved about $2B on their electricity bills this year thanks to increased imports of cheap Russian oil and petroleum products.

Turkey wants to buy more from Russia despite Western sanctions. So, in November, supplies of Urals grade to Turkey increased to 400,000 barrels per day (14% of total oil exports by sea). And the supply of oil products for nine months of the year increased by 200% to 290,000 barrels per day.

Moreover, Ankara increased the export of diesel fuel by 120%.