Last year, Turkey became the world’s largest buyer of Russian oil products, reported CSD and CREA analysts. In their view, Turkey has become a strategic transshipment point for Russian oil products diverted to the EU, generating hundreds of millions in tax revenue for the Kremlin’s war machine.
After the embargo on the supply of Russian oil products to the EU was introduced on February 5, 2023, the bloc’s countries imported 5.16 million tons worth €3.1B from three Turkish ports. An analysis of EU oil supplies reveals that European companies were able to buy Russian oil products that were mixed in oil storage facilities in Turkish ports or re-exported.
Russia and Turkey have taken advantage of a loophole allowing them to buy goods made from Russian oil, provided they have been significantly refined.
From the introduction of the embargo until the end of February 2024, Turkey imported €17.6B of Russian oil products, 105% more than in the previous similar period. Its fuel exports to the EU jumped by 107%.