The risk of falling under sanctions: Turkey refused to buy Russian oil, – Reuters

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Risk of being sanctioned: Turkey abandoned purchases of Russian oil, — Reuters

One of the country's main oil refineries sharply reduced the number of purchases of Urals oil in November, and in December, due to sanctions pressure, decided to completely stop them.

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Turkey's largest oil refinery, STAR, has stopped the export of Russian oil. Reuters writes about this.

The plant, owned by the Azerbaijani SOCAR group, halved purchases of Russian raw materials in November. And in early December 2022, he completely abandoned them.

According to a source familiar with the situation, who spoke to Reuters on condition of anonymity, the Turkish oil refining giant is afraid to make any deals with the Russian Federation because of the risk of falling under sanctions. Including, and under secondary.

Anonymous informant emphasized the fact that after February 24 (the date of the full-scale invasion of Ukraine by the Russian Armed Forces – ed.), Turkish oil refineries, on the contrary, increased purchases of Russian oil.

But already in November, Russian oil flows that went to Turkey fell to their lowest level since the beginning of 2022.

Russian oil market: what is the current situation on it

Russia, which is the second largest producer of crude oil among OPEC+ members, may lose its main market for its oil after 5 December, the aggressor country was banned from transporting “black gold” by sea to the countries of the European Union.

In October 2022, that is, two months before the embargo, Russia produced more than 9.7 million barrels of oil per day, yielding in this indicator only Saudi Arabia. In addition, according to the International Energy Agency (IEA), Russia is the world's largest exporter of oil and petroleum products.

But after the embargo and oil price ceiling, under which the G-7 countries, the European Union and Australia pledged to buy Russian oil no more than $60 per barrel. Russia risks losing not only a market for sales, but also part of its income.

The Kremlin has already stated that they will not comply with the restrictions, and are even ready to cut oil production.