Turkey and the Russian Federation are actively negotiating the extension of two key contracts for the supply of pipeline gas. The current agreements between Gazprom and the Turkish state company Botas, which provide for the annual supply of 21.75 billion cubic meters of gas, expire at the end of December. The parties aim to maintain supply volumes at around 22 billion cubic meters per year, which corresponds to last year’s figures: in 2024, Turkey imported 21.6 billion cubic meters of Russian gas, becoming the second-largest buyer after China.
This is reported by Business • Media
Impact of Sanctions and Changes in Turkey’s Gas Market
However, experts question the prospects for further cooperation between Ankara and Moscow in the gas supply sector due to increasing pressure from the United States, which is trying to limit purchases of Russian energy resources to reduce financial support for the war against Ukraine. In September, Turkey signed a number of contracts for the purchase of liquefied natural gas, including with American companies, and also expects an increase in its own gas production in the Black Sea basin. This could lead to a surplus of resources in the Turkish market. Despite this, Ankara has refused to join new EU legislation that calls for a complete abandonment of Russian fuel. This position creates a potential “loophole” for further transit of Russian gas to European countries.
Russian Oil Maintains Its Position in the Global Market
A similar situation is observed in the oil market. The head of Gunvor Group, Torbjorn Tornqvist, whose company owns international assets of Lukoil, emphasized that Moscow has repeatedly found ways to circumvent sanctions, so Russian oil continues to find buyers in the global market.
Moscow has consistently found loopholes to bypass sanctions, so Russian oil will find buyers in the global market.
Experts also note that China and several Indian oil refineries will continue to purchase Russian oil, despite calls from U.S. President Donald Trump to cease such purchases.