Türkiye’s biggest oil refinery halts purchases of Russian crude oil amid US sanctions

Türkiye’s biggest oil refinery, Tüpraş, has ceased buying Russian crude oil following US sanctions imposed on January 10.

These sanctions target Russian energy companies and tankers carrying Russian oil, Caliber.Az reports per Turkish media.

Levent Bayar, Tüpraş's Executive Director of Investor Relations, confirmed the move, stating, "With the latest sanctions imposed, we have stopped buying Urals and will receive the final cargoes in February."

It remains unclear whether Tüpraş will continue importing refined oil products from Russia, as the company has not yet commented on this issue. Since Russia's invasion of Ukraine in 2022, Tüpraş has become one of the largest importers of Russian crude. 

According to data from Türkiye’s energy regulator, Russian oil accounted for 65 per cent of Türkiye’s total oil imports between January and November 2024. In 2023, Tüpraş imported a record 225,000 barrels per day (bpd) of Russian crude, up from 178,000 bpd in the previous year, as reported by shipping data analytics firm Kpler. 

Tüpraş’ Russian crude imports nearly doubled between 2021 and 2022, rising to 170,000 bpd. On February 18, Tüpraş reported a sharp decline in its net profit, posting TL 18.32 billion ($505.1 million) for the year, a significant drop from TL 77.35 billion in 2022. Tüpraş, owned by Istanbul-based Koç Holding, operates four oil refineries, including Izmit and Izmir, two of the country’s largest. The Izmir refinery, which has a crude processing capacity of 241,500 bpd, received its latest shipment of Urals crude on February 11.

By Naila Huseynova