Turkey Reduces Russian Oil Purchases After Sanctions

Turkish oil refineries are reducing imports of Russian crude oil following US sanctions on Russian companies like Rosneft and Lukoil, according to Bloomberg.

Turkiye Petrol Rafineleri (Tupras) and Star Rafineri are seeking alternative sources from Iraq, Libya, Saudi Arabia, and Kazakhstan.

Turkey, the third-largest buyer of Russian oil, had already faced pressure from Washington to limit imports before the sanctions.

The Turkish government aims to align with Western allies to weaken Russian energy power, without completely cutting off Russian oil flows.

TPAO is considering intensifying its activities in Libya, while countries in Africa and South America may increase their exports to Turkey.

This move is part of a broader effort to diversify Turkey's energy sources.