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Türkiye Doubles Russian Oil Imports, Filling EU Void

Russia's President Vladimir Putin (R) shakes hands with Türkiye's President Tayyip Erdogan during a meeting in Sochi, Russia November 13, 2017. REUTERS/Pavel Golovkin/Pool/File Photo
Russia's President Vladimir Putin (R) shakes hands with Türkiye's President Tayyip Erdogan during a meeting in Sochi, Russia November 13, 2017. REUTERS/Pavel Golovkin/Pool/File Photo
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Türkiye Doubles Russian Oil Imports, Filling EU Void

Russia's President Vladimir Putin (R) shakes hands with Türkiye's President Tayyip Erdogan during a meeting in Sochi, Russia November 13, 2017. REUTERS/Pavel Golovkin/Pool/File Photo
Russia's President Vladimir Putin (R) shakes hands with Türkiye's President Tayyip Erdogan during a meeting in Sochi, Russia November 13, 2017. REUTERS/Pavel Golovkin/Pool/File Photo

Türkiye doubled its imports of Russian oil this year, Refinitiv Eikon data showed on Monday, as the two countries are set for broader cooperation in business and especially energy trade in the face of western sanctions against Moscow.

Trade between Türkiye and Russia has been booming since spring as Turkish companies not banned from dealing with Russian counterparts stepped in to fill the void created by EU businesses leaving Russia after its invasion of Ukraine earlier this year. Russia calls its actions in Ukraine 'a special military operation.'

Türkiye increased oil imports from Russia, including Urals and Siberian Light grades, beyond 200,000 barrels per day (bpd) so far this year compared to just 98,000 bpd for the same period of 2021, Refinitiv data showed, Reuters reported.

Türkiye did not sanction Russia due to its actions in Ukraine, saying it remains reliant on Russian energy supplies.

Russian President Vladimir Putin and Turkish President Tayyip Erdogan met early in August and agreed to boost business cooperation.

Türkiye's main refiners Tupras and Azerbaijan's SOCAR's STAR refinery significantly increased intake of Russian Urals and Siberian Light oil this year, while decreasing purchases of North Sea, Iraqi and West African grades, the data showed.

Over the last few years, STAR refinery increased purchases of Norway's Johan Sverdrup and Iraqi oil grades, which are close in quality to Urals as Russian oil has been growing in price.

This year, Russian oil prices fell to historical lows against the dated Brent benchmark, while North Sea and Iraqi oil grades prices improved.

STAR refinery is expected to purchase about 90,000 bpd of oil from Russia during January to August 2022 compared to 48,000 bpd during the same period of the last year, Refinitiv Eikon data showed.

Tupras refineries will buy about 111,000 bpd of oil from Russia in January to August this year compared to just 45,000 bpd during the same period last year, according to the data.

"The choice for Türkiye's refiners was obvious as they have no limits on Russian oil buying", a trader in the Mediterranean oil market said, who declined to be named as he is not authorized to speak to the press.

He added that good Urals oil refining margins supported Türkiye's refiners profits.

Türkiye's Energy ministry, Tupras and SOCAR did not immediately respond to Reuters for comments.

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Red Sea Truce Signals Possible Deal Between Washington, Tehran

Two Iranians walk past an anti-US mural on the wall of the former American embassy in Tehran (EPA). 
Two Iranians walk past an anti-US mural on the wall of the former American embassy in Tehran (EPA). 
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Red Sea Truce Signals Possible Deal Between Washington, Tehran

Two Iranians walk past an anti-US mural on the wall of the former American embassy in Tehran (EPA). 
Two Iranians walk past an anti-US mural on the wall of the former American embassy in Tehran (EPA). 

Before US President Donald Trump announced that the Houthis had pledged to halt attacks on ships in the Red Sea, religious and political institutions in Tehran were already predicting a shutdown of navigation through the Bab al-Mandab Strait starting May 17.

This prediction coincided with celebrations by senior Iranian officials over the Houthis’ strike on Israel’s Ben Gurion Airport, at a time when negotiations with the US were stalled after three slow rounds.

The timing raises questions: does the ceasefire signal a loss of a key bargaining chip for Iran, or is it a calculated concession to improve its position ahead of resumed talks next week—especially amid reports that Tehran has requested direct negotiations as part of a broader deal?

On Tuesday, Trump announced the Houthis had agreed to cease their attacks on Red Sea shipping, prompting the US to immediately suspend its airstrikes. Oman’s Foreign Minister Badr al-Busaidi confirmed his country brokered the agreement, ensuring safe commercial navigation in the Red Sea.

A day before the truce, Ali Shamkhani, a senior member of Iran’s Supreme National Security Council, hailed the Houthi attack on Ben Gurion as a “strategic blow” and evidence that the resistance front—from Lebanon and Gaza to Iraq and Yemen—was now in control.

Iranian newspaper Kayhan argued that the attack would strengthen Iran’s position in its negotiations with the US, undermine American threats, and thwart Israeli Prime Minister Netanyahu’s efforts to derail diplomacy. The paper framed the strike as proof of Iran and its allies’ regional influence.

Though Iran insists regional militias act independently, Houthi spokesman Mohammed Abdul Salam stated that the ceasefire with the US does not include operations against Israel. Another Houthi official confirmed Oman’s role in brokering the truce to halt attacks on American vessels.

In Washington, Republican Senator Lindsey Graham welcomed the ceasefire, warning that continued Houthi aggression toward Israel would ultimately hurt Iran. “Without Iran, the Houthis do not possess the capability to attack the US, international shipping, or Israel,” he said.

Iran officially welcomed the cessation of US strikes in Yemen. Its Foreign Ministry said it viewed the development positively. However, Israeli media suggested disappointment in Tehran, with Yedioth Ahronoth reporting that Iranian Foreign Minister Abbas Araghchi had proposed direct nuclear talks with US envoy Steve Witkoff—a claim strongly denied by Iran.

Supreme Leader Ali Khamenei has previously described negotiations with the US “dishonorable” and “unreasonable,” though he recently allowed them, calling the situation “temporary.”

The Wall Street Journal reported that Israeli officials were surprised by Trump’s announcement of a ceasefire and agreement with the Houthis.

Momentum appears to be building toward a broader US-Iran deal. US Vice President J.D. Vance said: “We think there is a deal here that would integrate Iran into the global economy.”

He emphasized that while Iran may pursue civilian nuclear energy, it must be barred from developing nuclear weapons. Vance said talks with Iran are progressing well and will likely result in a formal agreement balancing economic integration with nuclear restrictions.

The New York Times also cited Iranian officials confirming that Tehran used its influence over the Houthis to secure the truce with Washington.