Russia increases diesel supplies to Turkey ahead of EU embargo

Reuters reported on the situation.

Diesel supplies from Russian ports to Turkey reportedly increased in December 2022 to more than 750,000 tons and amounted to 5.05 million tons in 2022 compared to 3.99 million tons in 2021. Since the beginning of January, Russia has already supplied about 450,000 tons of diesel fuel to Turkey.

The supply of diesel fuel from Russia to Morocco increased to 735,000 tons in 2022 (last year it was only 66,000 tons) and amounted to about 140,000 tons since the beginning of 2023.

Several cargoes were also shipped from Russia to Ghana, Senegal, Libya, Uruguay, and Côte d'Ivoire. Meanwhile, Europe continues to import the bulk of Russian diesel fuel and fill its tanks.

The EU has agreed to a complete ban on imports of Russian petroleum products starting in February 2023. The outlet notes that the EU embargo will affect not only the redirection of Russian diesel supplies but also the price caps that the G7 coalition plans to introduce. 

Therefore, Russia has increased diesel supplies to Turkey and Morocco in an attempt to change the routes of its oil products before the EU embargo comes into force.

• In October, the EU sanctions package restricted oil prices. The restriction applies to Russian oil and oil products supplied by sea. If the oil is purchased at a higher price than the established cap, its maritime transportation will be prohibited. This step is intended to deprive Russia of excess revenues from oil sales. 

• On December 5, the decision on the embargo on Russian oil supplies to the EU officially came into force.