Posted 12/18/2023, 6:02:22 PM
Turkey Benefits from Increased Russian Oil Imports While Putin Complains Sanctions Have Strained Economy
- Turkey has saved £1.58bn on its oil bill by increasing imports from Russia, absorbing 14% of Russia's seaborne oil exports
- Azeri state oil company SOCAR agreed a deal with Russian producer Lukoil to supply a Turkish refinery with Russian crude
- Putin has complained that Western sanctions on Russian oil and gas exports have been ignored, impacting Russia's economy
- Only 3% of grain exports from Ukraine have gone to least developed countries despite deal terms, claims Putin
- Russia's national budget is under strain from military spending on the Ukraine invasion