Türkiye Slashes Russian Oil Imports as U.S. Sanctions Hit Kremlin’s Energy Lifeline

Türkiye has significantly reduced its imports of Russian oil following the latest round of U.S. sanctions, which targeted major Russian energy firms, including Gazprom Neft and Surgutneftegaz, along with more than 180 vessels linked to the so-called shadow fleet according to The Moscow Times on February 27.

In February, shipments of Russian Urals crude from the ports of Primorsk, Ust-Luga, and Novorossiysk to Türkiye dropped to 0.42 million tons, down from 1.56 million tons the previous month, according to Reuters, which cited tanker shipping data and sources familiar with the matter.

The decline follows a decision by Türkiye’s largest oil refiner, Istanbul-based Türkiye Petrol Rafinerileri (Tupras), to halt purchases of Russian crude. The company required shipments to comply with Western sanctions, including the $60-per-barrel price cap, effectively blocking Russian oil from its supply chain.

In response, Turkish refiners have turned to alternative sources, boosting crude imports from Africa to the highest levels in five years. Reuters data shows that in February, Türkiye imported 0.36 million tons of Libyan Es Sider and Amna grades, four times more than in January. Imports of Nigeria’s Forcados Blend crude also surged to 0.26 million tons, the highest level since 2020.

Beyond oil shipments, the latest U.S. sanctions have also hit Russian insurers and energy infrastructure. The Biden administration’s measures blacklisted Alfa Insurance and Ingosstrakh, two of Russia’s largest marine insurers, along with key oil refineries in Omsk and Moscow.

Sanctions also targeted Rosneft’s flagship Vostok Oil project, Gazprom’s LNG plants in the Baltic, 30 oilfield service companies, and six senior Russian oil and gas executives.

Russia’s oil industry faces potential losses of up to 800,000 barrels per day in exports, roughly a third of all crude shipped from its seaports, according to estimates by Alfa Bank. The impact on Russia’s budget could amount to a loss of 1% of GDP, according to Janis Kluge, a research fellow at the German Institute for International and Security Affairs.

Financially, this translates to an estimated shortfall of 2 trillion rubles, or 18% of the oil and gas revenues projected by the Finance Ministry for this year.

Additional economic fallout could include a $50 billion annual drop in foreign currency earnings, according to CMAKS. The resulting strain on Russia’s economy may push the ruble further down, with projections placing the exchange rate at 108.3 rubles per dollar this year, making the ruble $1.15 in 2026, and $1.20 in 2027.

Earlier, the United States and Russia discussed potential economic cooperation in the Arctic, focusing on natural resource exploration and emerging trade routes.