Kremlin Pitstop

Financing Putin's War

Industry / Finance , World
3E news
Kremlin Pitstop

After Putin’s full-scale invasion of Ukraine, Russia has exploited a complex web of economic influence globally to circumvent sanctions and maintain its position in international markets. Turkey has become one of the key enablers of the Kremlin Playbook and has modelled itself into a major trading hub for Russian oil and gas. Russia has become Turkey’s second-largest trading partner, exporting goods into Turkey — mostly oil, gas, and coal — worth EUR 42.2 bn in 2023.

Since the start of the EU/G7 ban on 5 February 2023 until the end of February 2024, Turkey has imported EUR 17.6 bn of Russian oil products, a 105% increase compared to the same period the prior year. Since the introduction of the ban, 81% of Turkey’s imports of oil products have been from Russia, showing an increased reliance that could threaten their energy security.

Investigations of specific shipments carried out by CREA and the Center for the Study of Democracy (CSD) suggest that European entities may have imported Russian oil products mixed or re-exported from oil storage terminals in Turkey.

What routes does Russian oil take to reach European markets despite existing sanctions?

Which European nations are the primary importers of oil from Turkey?

Where is the oil stored within Turkey and are there links between those ports and Rosneft?

What measures can the EU take to prevent the circumvention of sanctions?

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