West spent US$2 billion to purchase products made from Russian oil in 2024

Since the beginning of 2024, Western countries have spent US$2 billion purchasing Turkish oil products made from Russian oil.

Source: Politico

Details: It is worth noting that the volume of fuel delivered to the West by Turkish refineries using Russian oil is increasing.

One of Türkiye’s oil refineries, Star Aegean, owned by Azerbaijan, is 98% dependent on Russian oil, with approximately 73% of its supply coming from Russian energy giant Lukoil, which the United States has sanctioned. However, nearly nine out of ten barrels from the refinery are sent to Western allies that support Ukraine.

The fact that oil is initially processed in third nations allows for sanctions to be avoided because it is not illegal to purchase oil products made from Russian oil in another country.

Politico notes that this loophole is well-known, and Ukraine has consistently urged for its closure.

At the same time, Türkiye receives discounts on Russian oil ranging from US$5 to US$20 a barrel compared to the Brent brand. Last year, the Turkish side increased its purchases by 34%, and in the first half of 2024, by 70%.

Turkish refineries sell petroleum products at a 10% discount to those produced in Saudi Arabia, for example.

Background: 

• Lukoil, a Russian corporation, aims to restore Druzhba oil exports to Slovakia and Hungary in October.
• Western businesses insured ten tankers that left Russia for Asia this year.

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