Dortyol Oil Terminal in Turkey Stops Accepting Russian Oil Due to US Sanctions – Sky Bulletin
[ad_1]
Amid the intensification of U.S. sanctions, Turkey’s Dortyol oil terminal, situated along the Mediterranean coast, has ceased its transactions with Russia, as reported by Reuters on March 5.
Following Russia’s intensive military actions in Ukraine that began in 2022, numerous Western nations applied sanctions on Russia’s oil commerce. Russia, in return, redirected its exports towards markets such as Turkey, China, and India.
As indicated by data from the Center for Research on Energy and Clean Air, Turkey has emerged as the principal customer for Russian oil in the Western hemisphere, acquiring 24% of its oil products and 5% of its crude oil in the previous year.
Global Terminal Services (GTS), overseeing the operations at Dortyol terminal, announced its decision against accepting Russian-sourced products.
“In a proactive step exceeding current sanction stipulations, Global Terminal Services has resolved to sever all ties with Russian oil. Subsequently, in February 2024, it notified its clients that it will reject any cargoes emanating from Russia or Russian harbors, irrespective of legal compliance with extant laws or sanctions,” GTS communicated to Reuters.
Reportedly, the Dortyol terminal, ranking seventh in Turkey based on import volume, processed 11.74 million barrels of Russian-derived crude oil and fuel throughout 2023, as per shipping analytics.
While the U.S., European Union, and other allies have prohibited the import of Russian oil by sea, it continues to be transported to certain European nations through pipelines. The Group of Seven (G7) has also implemented a price ceiling of $60 per barrel on Russian crude that is transported internationally.
Since Russia has been able to evade this restriction to a significant extent, the latest sanctions enforced by the U.S. and the EU are intended to reinforce the cap, hindering Russia from selling its oil at prices exceeding $60 per barrel.
Impact of Sanctions: Russian Oil Revenue Sustained by Sales to China and India Despite Western Efforts
Despite Western sanctions intended to undermine Russian energy exports, Russia continues to substantially fund its military operations against Ukraine by selling oil to nations such as China and India. After moving away from European markets, Moscow has capitalized on robust demand from Beijing…
FAQ Section
Why has the Dortyol oil terminal in Turkey stopped accepting Russian oil?
The terminal has ceased its dealings with Russia in response to U.S. sanctions imposed due to Russia’s military actions in Ukraine. This move is a voluntary step by Global Terminal Services (GTS) that goes beyond compliance with current laws and sanctions.
Has Turkey been a significant buyer of Russian oil?
Yes, data from the Center for Research on Energy and Clean Air show that Turkey has been Russia’s biggest buyer of oil in the Western hemisphere, acquiring a significant portion of both oil products and crude oil from Russia last year.
What measures have been taken by the Group of Seven (G7) against Russian oil?
The G7 has imposed a $60-per-barrel price cap on Russian crude oil that is shipped to global markets in an effort to limit Russia’s oil revenue.
Are there any ways Russia has been able to circumvent these sanctions?
Yes, despite the price ceiling and other sanctions, Russia has found ways to circumvent them, mainly by redirecting its oil exports to countries like China and India, which have become enthusiastic buyers.
Conclusion Section
The suspension of Russian oil imports by Turkey’s Dortyol oil terminal represents a notable shift in the business dynamics in the Mediterranean region, illustrating the far-reaching impact of U.S.-led sanctions. While on one hand, this move reinforces international efforts to curtail Russian oil revenues due to the ongoing conflict in Ukraine, it also highlights the resilience of Russian oil trade in the face of Western sanctions, with countries like China and India continuing to provide a market for its products. The unfolding situation echoes the complexities of global trade where political considerations often intersect with economic realities.
Note: The information provided in this article is a rewritten version sourced from various internet sources through AI news feed technology. TheUBJ does not own or claim authorship of the original news content, the reference link to which is https://kyivindependent.com/reuters-turkish-oil-terminal-refuses-russian-imports-amid-us-sanctions/.
[ad_2]