Tupras Resumes Russian Crude Imports Amid G7 Price Cap Drop

Türkiye’s largest oil refiner, Tupras, has resumed imports of Russian Urals crude oil after a pause earlier this year triggered by strengthened U.S. sanctions on Moscow. The decision to restart purchases was influenced by a recent decline in Urals crude prices, which fell comfortably below the G7-imposed price cap of $60 per barrel, making the imports economically attractive despite ongoing geopolitical pressure. Previously, Russian oil comprised about 65% of Türkiye’s total crude imports, underscoring the country’s reliance on cost-effective energy sources. Tupras’ move reflects a pragmatic approach to balancing energy needs and international sanctions, highlighting the complexities faced by countries navigating global energy markets. The resumption comes as energy markets remain volatile and as the EU prepares to unveil plans to phase out Russian oil and gas by 2027. Market observers are watching to see if Tupras’ actions will influence other refiners facing similar economic and political pressures.