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6 Jan, 2024 12:47

Russia remains biggest oil and gas supplier to NATO state – media

The country's share of Türkiye’s energy imports neared 60% in 2023, according to Hurriyet
Russia remains biggest oil and gas supplier to NATO state – media

Russia maintained its position as the top oil and gas supplier to Türkiye in 2023, the Hurriyet newspaper reported on Saturday, citing data from Ankara’s Energy Market Regulatory Authority.

In October, the share of Russian gas in Türkiye’s imports reportedly amounted to 59.14%, while Russian oil accounted for 49.93% of national consumption, an increase from 40.74% in October 2022.

According to the paper, deferring payments for Russian natural gas last year “had a calming effect on Ankara in solving economic problems.”

In May, Moscow agreed to postpone the settlement of Türkiye's gas bills. Under the terms of the deal, up to $4 billion in Turkish energy payments to Russia were reportedly put off until 2024.

Last month, Reuters reported that the Turkish government and companies had managed to save around $2 billion on energy bills in 2023 by increasing imports of discounted Russian oil and refined products.

Türkiye became the biggest importer of Russian energy among Western states after EU nations halted most imports of oil and gas from Russia, under international pressure and sanctions imposed over Moscow’s military operation in Ukraine.

China and India have been importing even larger volumes of Russian oil and gas, but Türkiye's proximity to Russian ports helps Ankara to save more than other buyers, thanks to lower shipping costs.

For more stories on economy & finance visit RT's business section

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