MNI BRIEF: Carney Sworn In As PM, Names Champagne To Finance

MNI BRIEF: Olli Rehn Gets Second Term As Bank Of Finland Head

MNI China Daily Summary: Friday, March 14

MNI BRIEF: China February M2 Stays At 7% Y/Y

RPT-MNI INTERVIEW2: Lag Justifies Faster CNB Easing - Holub

CHINA JAN-FEB NEW LOANS CNY6.14 TRLN VS MEDIAN CNY6.43 TRLN

BAKER HUGHES CANADA RIG COUNT 199; OIL RIGS 139; GAS RIGS 60

MNI: BAKER HUGHES US RIG COUNT 592; OIL RIGS 487; GAS RIGS 100

EZ/UK T-Bill Calendar: DE, NL and FR Due Monday

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Turkey's Biggest Refiner Restricting Russian Oil Purchases

OIL
BulletEnergy BulletsCommodities

Turkey’s biggest refiner Tupras is restricting its purchases of Russian oil and fuels to avoid falling foul of US sanctions, Bloomberg reports. 

  • After the Biden administration imposed wide-ranging sanctions on Russia’s oil exports on Jan. 10, Tupras ceased buying above price-cap barrels. It will still accept the delivery of them up to Feb. 27.
  • After Feb. 27, Tupras will cease to accept shipments that aren’t in compliance with the G7 price cap.
  • The Kremlin has in the past said that it would not deal with entities that stick to the price cap, although with Urals hovering around $60/bbl, according to Argus Media data, it remains to be seen whether the Turkish firm will continue to buy.

  • Tupras purchases of Russian crude averaged 290k b/d between June 2024 and January 2025, according to Bloomberg data.                

     

133 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Turkey’s biggest refiner Tupras is restricting its purchases of Russian oil and fuels to avoid falling foul of US sanctions, Bloomberg reports. 

  • After the Biden administration imposed wide-ranging sanctions on Russia’s oil exports on Jan. 10, Tupras ceased buying above price-cap barrels. It will still accept the delivery of them up to Feb. 27.
  • After Feb. 27, Tupras will cease to accept shipments that aren’t in compliance with the G7 price cap.
  • The Kremlin has in the past said that it would not deal with entities that stick to the price cap, although with Urals hovering around $60/bbl, according to Argus Media data, it remains to be seen whether the Turkish firm will continue to buy.

  • Tupras purchases of Russian crude averaged 290k b/d between June 2024 and January 2025, according to Bloomberg data.