Turkey’s largest oil refiner, Tupras, has resumed purchasing Russian Urals crude oil after halting imports earlier this year due to U.S. sanctions on Moscow. The company restarted imports as Urals crude prices fell below the G7’s price cap, reaching their lowest levels since 2023, according to trading sources and shipping data reviewed by Reuters.
Tupras had previously become one of the largest buyers of Russian oil following Russia’s 2022 invasion of Ukraine. In the first 11 months of 2024, Russian crude made up approximately 65% of Turkey’s total oil imports, according to the country’s energy regulator.
Although Tupras declined to comment, this shift indicates a renewed effort to balance geopolitical tensions with economic pragmatism. The decision appears driven more by the affordability of Urals crude rather than political considerations, as its lower price makes it an attractive option despite ongoing Western sanctions.
This move occurs amid ongoing volatility in global energy markets, influenced by conflicts, shifting alliances, and sanctions. The industry is closely monitoring whether other countries or companies will follow Tupras’ lead in balancing sanctions compliance with the need for cheaper oil.
Earlier this month, Urals crude prices dropped, reaching nearly $50 per barrel, the lowest in almost two years. As of April 16, Urals was trading at $67.61 per barrel, compared to Brent crude at $65.96 and West Texas Intermediate (WTI) at $62.63.
The Tupras report comes just one day after the European Commission announced plans to phase out all Russian oil and gas by 2027, with details set to be unveiled on May 6, according to Reuters.
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