The contracts between the Russian gas giant Gazprom and Turkish state-owned Botas for the annual delivery of 21.75 billion cubic meters of gas expire on December 31. The two sides are discussing contracts that would maintain annual supplies at around 22 billion cubic meters. Last year, Gazprom supplied Turkey with 21.6 billion cubic meters of gas, making Turkey the second-largest buyer of Russian pipeline gas after China. However, market analysts doubt the future of Russian gas exports to Turkey due to increasing pressure from Washington to limit energy purchases that fund the Kremlin’s war in Ukraine.
In September, Turkey agreed to several LNG contracts, including some from the US. Previously, Ankara had refused to comply with new EU rules banning Russian fuel, which could create a loophole for Russian gas to continue flowing into the bloc. The same goes for Russian oil – Torbjorn Tornqvist, head of Gunvor Group, which is buying Lukoil’s international assets, noted that Moscow has consistently found ways to bypass sanctions. He believes Russian oil will still find buyers worldwide, particularly in China and some Indian refineries, despite US President Donald Trump’s calls to restrict such purchases.